Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns
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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.
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美国国家经济研究局创建时间：
2005-08-01
