Fund trading divergence and performance contribution
研究了共同基金之间交易分歧的程度及其决定因素，发现交易分歧随时间呈上升趋势，尤其在2008年全球金融危机后，且分歧部分对后续基金业绩有更大贡献。
Considering that the most distinct trading decisions are crucial to evaluate the ability of fund managers to add value, this paper aims to examine the trading divergence level among mutual funds and to capture its determinants and its performance consequences. We propose a measure that is more informative than the traditional overlap metrics, providing evidence of a positive and significant trend of fund trading divergence over time, especially after the Global Financial Crisis (GFC) of 2008. Our results also show a negative influence of market stress on the trading divergence level. Interestingly, we find greater contribution to subsequent fund performance in the divergent portions of trading decisions.