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Timing Ability of China Mutual Fund Investors

Author

Listed:
  • Kaiguo Zhou
  • Michael C. S. Wong

Abstract

This paper considers 250 funds between 2001 Q4 and 2009 Q2. The funds included must have data for at least eight quarters. By comparing dollar-weighted average return and geometric average return of a fund, the paper shows that fund investors always have inferior ability on timing. Their worst performance is related to a fund's larger size, higher subscription fee, better ratings, and higher geometric average returns. Funds of the above characteristics may easily draw the attention of less-informed investors and trigger their timing behavior. As a result, they buy at high prices and sell at low prices.

Suggested Citation

  • Kaiguo Zhou & Michael C. S. Wong, 2012. "Timing Ability of China Mutual Fund Investors," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 48(S3), pages 116-128, September.
    • Handle: RePEc:mes:emfitr:v:48:y:2012:i:s3:p:116-128
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