Mutual Fund Herding in Response to Hedge Fund Herding and the Impacts on Stock Prices

2010 ◽  
Author(s):  
Yawen Jiao ◽  
Pengfei Ye
Keyword(s):  
Mutual Fund ◽  
Stock Prices ◽  
Hedge Fund

Mutual Fund Herding and the Impact on Stock Prices

CFA Digest ◽  
1999 ◽  
Vol 29 (4) ◽  
pp. 48-49
Author(s):  
H. Kent Baker
Keyword(s):  
Mutual Fund ◽  
Stock Prices ◽  
The Impact

Laborers Local 829 Health and Welfare Plan: Testing Investments and Receivables

2001 ◽  
Vol 16 (4) ◽  
pp. 637-662 ◽  
Author(s):  
Thomas J. Hogan ◽  
James L. Bierstaker ◽  
William E. Seltz
Keyword(s):  
Health Care ◽  
Health Care Provider ◽  
Care Provider ◽  
Mutual Fund ◽  
Stock Prices ◽  
Accounting Practitioners

Laborers Local 829 serves as a multi-employer health care provider for union construction members. The case focuses on accounting situations that might be faced on an audit engagement. The purpose of this case is to provide you with a realistic audit situation that requires you to think critically, plan and perform audit tests of investments and receivables, consider accounting issues related to receivables, and review and prepare audit working papers. Data for the case are based on an actual audit engagement performed by accounting practitioners. Names used, however, are fictitious. Investments consist of holdings similar to those of a mutual fund. Actual stock prices are used for the holdings.

The Dynamis Fund: An Energy Hedge Fund

2017 ◽  
pp. 1-12
Author(s):  
George (Yiorgos) Allayannis ◽  
Mark R. Eaker ◽  
Alec Bocock
Keyword(s):  
Performance Evaluation ◽  
Asset Management ◽  
Hedge Funds ◽  
Mutual Fund ◽  
Hedge Fund ◽  
Investment Strategies ◽  
Futures Options ◽  
Pros And Cons ◽  
Oil Sector ◽  
Evaluation Techniques

Fred Bocock was examining the performance of the Energy Hedge Fund and the Energy Portfolio, a hedge fund and a mutual fund respectively, which he manages. Bocock had become increasingly aware that absolute returns or relative returns (returns relative to a benchmark) may not adequately capture his performance and some measure of risk-adjusted performance was necessary. The Dynamis Energy Hedge Fund extends the discussion of performance evaluation into the hedge fund arena. (See “Zeus Asset Management,” UVA-F-1232, for an examination of performance evaluation techniques in the mutual funds arena.) More broadly, the case engages students in discussions on what hedge funds are, what investment strategies they use, and who their investors are. Since the portfolio manager of Dynamis manages both an oil sector equity mutual fund and an oil sector hedge fund, the case allows for a comparison between a hedge fund and a mutual fund. Students should consider the pros and cons of evaluating the performance of the oil stock mutual fund against a number of oil sector stock indices as well as against a number of generic indices, such as the S&P 500 Index. The use of futures, options, shorts, and leverage by hedge funds makes it a lot more difficult to measure their performance. The case comes with a spreadsheet that contains data on the energy mutual fund, the Dynamis hedge fund, and several relevant indices.

Style and Skill: Hedge Funds, Mutual Funds, and Momentum

2020 ◽  
Vol 66 (12) ◽  
pp. 5505-5531 ◽  
Author(s):  
Mark Grinblatt ◽  
Gergana Jostova ◽  
Lubomir Petrasek ◽  
Alexander Philipov
Keyword(s):  
Mutual Funds ◽  
Hedge Funds ◽  
Mutual Fund ◽  
Hedge Fund ◽  
Fund Performance ◽  
Short Sales ◽  
Fund Managers ◽  
Liquidity Provision ◽  
Stock Picking ◽  
Hedge Fund Performance

Classifying mandatory 13F stockholding filings by manager type reveals that hedge fund strategies are mostly contrarian, and mutual fund strategies are largely trend following. The only institutional performers—the two thirds of hedge fund managers that are contrarian—earn alpha of 2.4% per year. Contrarian hedge fund managers tend to trade profitably with all other manager types, especially when purchasing stocks from momentum-oriented hedge and mutual fund managers. Superior contrarian hedge fund performance exhibits persistence and stems from stock-picking ability rather than liquidity provision. Aggregate short sales further support these conclusions about the style and skill of various fund manager types. This paper was accepted by Tyler Shumway, finance.

scholarly journals What's the difference between a hedge fund and a mutual fund?

2014 ◽  
Vol 22 (4) ◽  
pp. 270-271
Author(s):  
Douglas R Mckay ◽  
Daniel A Peters
Keyword(s):  
Mutual Fund ◽  
Hedge Fund ◽  
The Difference

Stock Market Bubbles? A Reply

1995 ◽  
Vol 55 (3) ◽  
pp. 655-665 ◽  
Author(s):  
Eugene N. White
Keyword(s):  
Stock Market ◽  
Mutual Fund ◽  
Stock Prices ◽  
Mean Reversion ◽  
Efficient Markets ◽  
Excess Volatility ◽  
Stock Market Bubbles ◽  
The Mean ◽  
Predictable Returns

Research in finance is guided by powerful intuitions from models of efficient markets. However, researchers have uncovered a number of puzzles that are not explained by these models. Such anomalies include the excess volatility of stock prices, the closed-end mutual fund paradox, and the mean reversion in stock prices that produces predictable returns for long holding periods.1 Whereas financial economists all recognize the existence of these puzzles, they disagree about how they can be explained. Robert J. Shiller argues, for example, that efficient-markets models cannot hope to explain these anomalies and looks to alternatives that incorporate fads.2 In contrast, John H. Cochrane believes that the puzzles can be explained by improved models of fundamentals.3

Sign in / Sign up

Export Citation Format

Share Document