Which Money Is Smart? Mutual Fund Buys and Sells of Individual and Institutional Investors
使用英国月度数据，区分个人和机构投资者的基金流入流出，发现英国存在显著的聪明钱效应，且该效应由买卖双方共同驱动；同时用美国数据验证了类似结论。
ABSTRACT Gruber (1996) and Zheng (1999) report that investors channel money toward mutual funds that subsequently perform well. Sapp and Tiwari (2004) find that this “smart money” effect no longer holds after controlling for stock return momentum. While prior work uses quarterly U.S. data, we employ a British data set of monthly fund inflows and outflows differentiated between individual and institutional investors. We document a robust smart money effect in the United Kingdom. The effect is caused by buying (but not selling) decisions of both individuals and institutions. Using monthly data available post‐1991 we show that money is comparably smart in the United States.