Does Motivation Matter When Assessing Trade Performance? An Analysis of Mutual Funds
分析共同基金交易动机与绩效的关系，发现因估值动机买入的基金能显著跑赢市场，但因流动性压力买入则表现不佳。
We relate the performance of mutual fund trades to their motivation. A fund manager who buys stocks when there are heavy investor outflows is likely to be motivated by the belief that the stocks are significantly undervalued. In contrast, when there are heavy inflows, the manager is likely to be motivated to work off excess liquidity by buying stocks. Our analysis reveals that managers making purely valuation-motivated purchases substantially beat the market but are unable to do so when compelled to invest excess cash from investor inflows. A similar, but weaker, pattern is found for stocks that are sold. Copyright 2007, Oxford University Press.