On Mutual Fund Investment Styles

By Louis K. C. Chan, Hsiu-lang Chen, Josef Lakonishok. 2002

426 citations recorded by the source corpus.

Subfields: Clinical Psychology, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/9245653a1964d17a1fcd0267da64d97f5c925197

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Clinical Psychology

In Economics and Econometrics

In Finance

Citations in the corpus

Mutual Fund Competition, Managerial Skill, and Alpha Persistence (2018, positive): “Our second method orthogonalizes the characteristic space in the spirit of the Fama and French (1993) factor computation or Chan, Chen, and Lakonishok (2002) in the context of mutual funds.”
The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds vs. Pension Funds (2002, background): “Chan, Chen, and Lakonishok (1998) report that the mutual funds in their sample generally had consistent styles over time.”
Greener Pastures and the Impact of Dynamic Institutional Preferences (2003, background): “Chan, Chen, and Lakonishok (2002) note, however, that shifts in preferences may result from agency and behavioral issues rather than from attempts to maximize risk-adjusted performance.”
Mutual Fund Performance and Manager Style (2001, background): “Chan, Chen, and Lakonishok (1999) also reported a tendency for mutual funds to favor growth stocks.”
Brand Perceptions and the Market for Common Stock (2005, positive): “Chan, Chen, and Lakonishok, 2002), we include variables such as firm size, book-to-market ratio, and a profitability measure, return on assets, in order to account for such effects.”
Mutual fund objective misclassification (2000, methodology): “The fund characteristic variables we use are: (1) net assets; (2) fund inception date; (3) fund manager tenure; (4) minimum initial purchase; (5) turnover; (6) expense ratio; and (7) maximum sales charge.”
Agency and Asset Pricing (2008, background): “Chan et al. (2002) emphasize the differences in investment styles of different managers and claim that they can be analyzed along size and value-growth dimensions.7”
Performance Evaluation and Self-Designated Benchmark Indexes in the Mutual Fund Industry (2009, positive): “I believe the evidence more likely reflects a behavioral element to the composition of mutual fund flows, consistent with Musto (1999), Elton, Gruber, and Busse (2004), Cooper, Gulen, and Rau (2005), and Cronqvist (2006). I estimate that the magnitude of the expected incremental gain in flows to fun”
Information Diversity and Complementarities in Trading and Information Acquisition: Complementarities in Trading and Information Acquisition (2015, neutral): “Indeed, it is well known that different institutions have different styles of investment (e.g., Fung and Hsieh (1997), Chan, Chen, and Lakonishok (2002)), and so are likely to be informed of different aspects of the firm’s value.”
Returns-Chasing Behavior, Mutual Funds, and Beta's Death (2002, background): “Chan, Chen, and Lakonishok (2002) examine the distribution of individual fund styles and document “bunching at the center” where individual mutual funds appear reluctant to deviate substantially from the market portfolio.”