Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns
收藏NBER2005-08-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w11526
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资源简介：
We use mutual fund flows as a measure for individual investor sentiment for different stocks, and find that high sentiment predicts low future returns at long horizons. Fund flows are dumb money by reallocating across different mutual funds, retail investors reduce their wealth in the long run.
提供机构：
美国国家经济研究局
创建时间：
2005-08-01
