Dumb money
Subtitle: mutual fund flows and the cross-section of stock returns
By: Andrea Frazzini, Owen A. Lamont.
Contributors: Lamont, Owen A.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 11526; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 11526.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Mutual funds.; Stocks.
Description: "We use mutual fund flows as a measure for individual investor sentiment for different stocks, and find that high sentiment predicts low future returns at long horizons.  Fund flows are dumb money &#63512; by reallocating across different mutual funds, retail investors reduce their wealth in the long run.  This dumb money effect is strongly related to the value effect.  High sentiment also is associated high corporate issuance, interpretable as companies increasing the supply of shares in response to investor demand"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
Title from PDF file as viewed on 8/8/2005.
Also available in print.
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Mode of access: World Wide Web.