Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings
分析1991和1992年共同基金持股截面数据，发现基金偏好高知名度、低交易成本的股票，回避低特质波动股票，对投资者识别、代理问题、趋势跟风及公司金融研究有参考价值。
This investigation of the cross-section of mutual fund equity holdings for the years 1991 and 1992 shows that mutual funds have a significant preference towards firms with high visibility and low transaction costs, and are averse to stocks with low idiosyncratic volatility. These findings are relevant to theories concerning investor recognition, a potential agency problem in mutual funds, tests of trend-following and herd behavior by mutual funds, and corporate finance.