The Telling Trades of Mutual Funds
研究发现，假设基金在季度初交易时，部分基金展现出持续的选股能力，但改变交易时机假设后证据消失，质疑了现有研究采用的季度末交易假设。
Under the assumption that mutual funds trade at quarter commencement, some funds exhibit and exploit persistent stock selection talent; that is, the stocks purchased consistently outperform the stocks sold, and the higher turnover of these funds indicates that managers are capitalizing on their forecasting abilities. However, any evidence of sustained stock selection skill disappears when alternate trade‐timing assumptions are considered, suggesting that some skilled managers are electing to trade earlier than previously assumed. Overall, the results question the appropriateness of the quarter‐end trading assumption and the validity of existing studies that employ it .