{"title":"The 'Smart Money' Effect: Retail versus Institutional Mutual Funds","authors":"Galla Salganik-Shoshan","doi":"10.2139/ssrn.2020365","DOIUrl":null,"url":null,"abstract":"Do sophisticated investors exhibit a stronger “smart money” effect than unsophisticated ones? In this paper, I examine whether fund selection ability of institutional mutual fund investors is better than that of retail mutual fund investors. In line with the studies of Gruber (1996), Zheng (1999), and Keswani and Stolin (2008), I find a smart money effect for investors of both institutional and retail mutual funds. Surprisingly, the results suggest that investors of institutional funds, with a higher representation of more sophisticated investors, do not demonstrate a better fund selection ability.","PeriodicalId":103908,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Financial Markets (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2012-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Financial Markets (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2020365","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 3
Abstract
Do sophisticated investors exhibit a stronger “smart money” effect than unsophisticated ones? In this paper, I examine whether fund selection ability of institutional mutual fund investors is better than that of retail mutual fund investors. In line with the studies of Gruber (1996), Zheng (1999), and Keswani and Stolin (2008), I find a smart money effect for investors of both institutional and retail mutual funds. Surprisingly, the results suggest that investors of institutional funds, with a higher representation of more sophisticated investors, do not demonstrate a better fund selection ability.
老练的投资者是否比不老练的投资者表现出更强的“聪明资金”效应?本文考察了机构型共同基金投资者的基金选择能力是否优于散户型共同基金投资者。根据Gruber(1996)、Zheng(1999)和Keswani and Stolin(2008)的研究，我发现机构和零售共同基金的投资者都存在聪明货币效应。令人惊讶的是，结果表明，机构基金的投资者，更成熟的投资者的代表性更高，并没有表现出更好的基金选择能力。
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