Don't Take Their Word for It: The Misclassification of Bond Mutual Funds
研究发现债券基金经理会错误分类其持仓，导致高达31.4%的基金被标为更安全，实际上持有高风险债券，这些基金表面业绩好但实际平庸，却吸引了更多投资者资金。
ABSTRACT We provide evidence that bond fund managers misclassify their holdings, and that these misclassifications have a real and significant impact on investor capital flows. The problem is widespread, resulting in up to 31.4% of funds being misclassified with safer profiles, compared to their true, publicly reported holdings. “Misclassified funds”—those that hold risky bonds but claim to hold safer bonds—appear to on‐average outperform lower risk funds in their peer groups. Within category groups, misclassified funds receive more Morningstar stars and higher investor flows. However, when we correctly classify them based on actual risk, these funds are mediocre performers.