Phân tích tư tưởng của nhân dân qua đoạn thơ: Những người vợ nhớ chồng… Những cuộc đời đã hóa sông núi ta trong Đất nước của Nguyễn Khoa Điềm
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We find that portfolios in which funds are weighted by their money inf lows
outperform portfolios in which funds are weighted by TNA: New money beats
oldmoney.We also find that high net f low funds outperformlow net f low funds.
Thus, within the universe of actively managed funds, new investors tend to
choose the better ones: Money is smart. This result holds for both individual
and institutional investors, and is driven by investors’ fund buys rather than
sells. The smart money effect is not explained by the Chen et al. (2004) fund
size effect, performance persistence, or the impact of annual fees on fund per-
formance, nor is...
Nội dung trích xuất từ tài liệu:
THE ROLE OF INSTITUTIONAL INVESTORS IN FINANCING CLEAN ENERGY
