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Investors' reactions to manipulation of performance measures : evidence from US mutual funds

Yu, Bin


This thesis investigates how manipulation of fund performances affects fund flow in the US open-ended mutual fund industry. The flaws of conventional performance measures (CPMs) enable fund managers to artificially augment fund performance so as to attract more money. By comparing CPMs with manipulation proof performance measures (MPPM) introduced by Goezmann, Ingersoll, Spiegel, and Welch (2007), we verify that manipulation exists in the mutual fund industry. Using U.S. open-ended mutual fund...[Show more]

CollectionsOpen Access Theses
Date published: 2011
Type: Thesis (PhD)
DOI: 10.25911/5d5fcb757692b
Access Rights: Open Access


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