Is anti-herding always a smart choice? Evidence from mutual funds

• Main Authors: LEE, John Byong-Tek, MA, Jun, MARGARITIS, Dimitris, YANG, Wanyi
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2023
• Subjects: Buy and sell asymmetry; Contrarian trading; Herding; Mutual funds; Finance and Financial Management; Portfolio and Security Analysis
• Online Access: https://ink.library.smu.edu.sg/skbi/30; https://ink.library.smu.edu.sg/context/skbi/article/1029/viewcontent/Anti_herding_av.pdf
• Institution: Singapore Management University

Recent empirical studies document a negative relation between herding behaviour and the skill of mutual fund managers. We explore this relationship further by focusing on fund managers' contrarian buy and sell behaviour against the market. Our study reveals an asymmetry in the performance of mu...