Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability
研究共同基金投资者的资金流向是否预示未来业绩，发现资金流入多的基金短期表现更好，但整体上无法跑赢市场，仅小基金的资金信息能带来超额收益。
A previous study finds evidence to support selection ability among active fund investors for equity funds listed in 1982. Using a large sample of equity funds, I find evidence that funds that receive more money subsequently perform significantly better than those that lose money. This effect is short‐lived and is largely but not completely explained by a strategy of betting on winners. In the aggregate, there is no significant evidence that funds that receive more money subsequently beat the market. However, it is possible to earn positive abnormal returns by using the cash flow information for small funds.