Is prior performance priced through clos
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Michael Bleaney; R. Todd Smith
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Article
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2008
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John Wiley and Sons
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English
β 112 KB
## Abstract In openβend mutual funds (unit trusts), there is a strong positive crossβsectional relationship between net inflows to individual funds and past performance, as if investors attributed performance to managerial skill. Performance shows only very weak persistence, however, so at first si