Mutual Fund Flows at Long Horizons
Clicks: 8
ID: 318930
2026
Article Quality & Performance Metrics
Overall Quality
Not rated
Combines reader engagement with the AI quality analysis. This
article has not been analysed, so there is no overall score —
reader engagement is measured and shown alongside.
Reader Engagement
Emerging Content
2.1
/100
8 views
0 readers
AI Quality Assessment
Not analyzed
Readership in this journal
EmergingRanked #14 of 192 articles by views in review of financial studies
Most read
Least read
Bar heights use a square-root scale. Only the 120 most-read articles are drawn; the journal has 192 in total.
Mint this article as an NFT
Not yet mintedCreate a permanent, verifiable on-chain record of this article on the Scimatic Network. The NFT is held in your Journament account, and you can withdraw it to your own wallet at any time.
5
SUSD
one-off · no wallet required
Abstract
Abstract We show that positive flows to active mutual funds with high recent returns partially reverse at longer horizons. This outcome is robust across a broad range of alternative specifications. Reversal occurs from greater outflows associated with high prior returns, not reduced inflows. We test theories to explain the reversal: investment life cycles, tax loss selling, and a behavioral “disappointment” hypothesis based on investors’ overreaction to positive returns. While both tax loss selling and short investor life cycles can contribute, the evidence supports a role for investor disappointment, whereby investors redeem their capital when return performance fails to meet expectations. (JEL G10, G23)
Abstract Quality Issue:
This abstract appears to be incomplete or contains metadata (103 words).
Try re-searching for a better abstract.
| Reference Key |
openalex_W7166041107
Use this key to autocite in the manuscript while using
SciMatic Manuscript Manager or Thesis Manager
|
|---|---|
| Authors | Hendrik Bessembinder, Shuaiyu Chen, Michael J. Cooper, Jinming Xue, Feng Zhang |
| Journal | review of financial studies |
| Year | 2026 |
| DOI |
10.1093/rfs/hhag059
|
| URL | |
| Keywords | Keywords not found |
Citations
No citations found. To add a citation, contact the admin at info@scimatic.org
Comments
No comments yet. Be the first to comment on this article.