Informed Trading, Liquidity Provision, and Stock Selection by Mutual Funds
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We show that a mutual fund's "stock selection skill" computed using the Daniel, Grinblatt, Titman and Wermers (1997) procedure can be decomposed into additional components that include impatient "informed trading" and "liquidity provision," thereby helping us understand how a fund creates value. We
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美国国家经济研究局创建时间：
2008-12-01
