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My dissertation consists of two essays on mutual funds. The first essay examines the role of extreme positive returns on future fund flows using maximum style-adjusted daily returns (hereafter MAX) over the previous month. My results suggest that there is a positive and significant relation between MAX and future fund flows. The results are robust to controls for fund performance, fund size, age, turnover, fund fees, volatility, and skewness of fund returns. Of particular interest, this relation exits only in retail funds. Moreover, MAX is persistent from one month to the next, but MAX-based investment strategies are associated with lower risk-adjusted returns than investors could have achieved in otherwise similar funds. Overall, my analysis suggests that mutual fund investors are attracted to maximum style-adjusted daily returns, which is in line with the theoretical argument that investors exhibit a preference for lottery-like payoffs. These investors are successful in achieving a lottery-like return profile, but this strategy is costly in terms of expected returns The second essay studies the effect of recent and long-term mutual fund performance on future fund flows. I document that investors' response to recent performance depends on average long-term performance. In particular, a recent loser fund experiences outflows only if its longer-term performance is also poor. Similarly, recent good performance leads to more inflows only if the fund has also good long-run performance. In contrast, investors ignore recent performance if it provides a signal that conflicts with the longer-term signal. This implies that good fund managers with a longer-term focus will find it easier to attract future inflows than managers with a short-term horizon.

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Abstract Since Markowitz (1952) proposed modern portfolio theory to evaluate the correlation between investment returns and risk, a portfolio constructed by securities (mainly stocks and bonds) is called¡¨ security portfolio¡¨, which becomes popular and recognized to the financial market. Mutual funds are one of the security portfolios managed by investment professionals. To maximize the portfolio return by choosing a combination of stocks and bonds, to decide an adequate investment philosophy, strategy, process and asset reallocation, are key elements of obtaining considerable returns with limited risk and main standard of manifesting the quality and capability of fund managers. The past performance of funds is publicly available, which is scrutinized to decide what to purchase or redeem. Many studies about evaluation of portfolio performance focus on fund performance. Nevertheless recent researches focus on fund flows instead. In this study, we will examine variables that influence flows of open-ended equity mutual funds in Taiwan and have a better understanding of investor behaviors of purchasing or redeeming. We first identify variables that influence fund flows and then employee those to analyze the influence in between. We discovered that the investors are more zealous in chasing previous winners based on the short-term performance, approximately 3 to 6 months. However, once the performance of the invested fund improves for the past 12 months they trend to redeem shares to realize profit. Furthermore, they review risk before making the decision, but ignore it after investment. Investors incline to buy or sell funds of high £] and are more susceptible to related expenses and react negatively to funds that require high expense. Investors are significantly willing to invest funds that are actively traded.

<p>This dissertation includes two parts. The first part examines the preventive effect of hedge fund activism against corporate policy deviations. Using stock liquidity and mutual fund fire sales as instruments, I find that when the likelihood of hedge fund activism increases, firms respond by paying shareholder more and CEOs less, holding less cash and leveraging more, and increasing investment into research and development while cutting capital expenditures. These results imply that hedge fund activism has a stronger and broader impact on corporate policy than previously documented. The second part critically examines capital flow-induced mutual fund trades as an exogenous proxy for changes in stock price. I find that liquidity-strapped mutual funds sell widely across all portfolio holdings but the extreme capital outflows could be driven by the performance of portfolio holdings in the first place.</p> / Dissertation

Thesis (M.Ed.)--University of Toledo, 2008. / Typescript. "Submitted as partial fulfillment of the requirements for The Master of Education in Higher Education." "A thesis entitled"--at head of title. Bibliography: leaves 115-119.

Thesis (Ph.D.)--University of Nebraska-Lincoln, 2009. / Title from title screen (site viewed June 26, 2009). PDF text: vii, 237 p. : ill. ; 1 Mb. UMI publication number: AAT 3350254. Includes bibliographical references. Also available in microfilm and microfiche formats.

Thesis (Ph.D.)--University of Nebraska-Lincoln, 2009. / Title from title screen (site viewed June 26, 2009). PDF text: xi, 185 p. : ill. (some col.) ; 2 Mb. UMI publication number: AAT 3350372. Includes bibliographical references. Also available in microfilm and microfiche formats.

Thesis (M.P.A.)--University of Alabama at Birmingham, 2009. / Description based on contents viewed June 5, 2009; title from PDF t.p. Includes bibliographical references (p. 58).

Universiẗat, Diss., 2005 u.d.T.: Eling, Martin: Hedgefonds-Strategien und ihre Performance im Asset-Management von Finanzdienstleistungsunternehmen--Münster (Westfalen).