Prospect theory preferences and global mutual fund flows

Agarwal, 2020, Why do mutual funds hold lottery stocks?, J. Fin. Quant. Anal., 1 Akbas, 2020, Do mutual fund investors overweight the probability of extreme payoffs in the return distribution?, J. Fin. Quant. Anal., 55, 223, 10.1017/S0022109018001345 Armstrong, 2019, Going for gold: An analysis of Morningstar analyst ratings, Manage. Sci., 65, 2310 Baele, 2019, Cumulative prospect theory, option returns, and the variance premium, Rev. Fin. Stud., 32, 3667, 10.1093/rfs/hhy127 Bali, 2019, Upside potential of hedge funds as a predictor of future performance, J. Bank. Fin., 98, 212, 10.1016/j.jbankfin.2018.11.003 Bali, 2011, Maxing out: Stocks as lotteries and the cross-section of expected returns, J. Fin. Econ., 99, 427, 10.1016/j.jfineco.2010.08.014 Barber, 2005, Out of sight, out of mind: The effects of expenses on mutual fund flows, J. Business, 78, 2095, 10.1086/497042 Barberis, 2008, Stocks as lotteries: The implications of probability weighting for security prices, Am. Econ. Rev., 98, 2066, 10.1257/aer.98.5.2066 Barberis, 2021, Prospect theory and stock market anomalies, J. Fin., 76, 2639, 10.1111/jofi.13061 Barberis, 2016, Prospect theory and stock returns: An empirical test, Rev. Fin. Stud., 29, 3068, 10.1093/rfs/hhw049 Barberis, 2003, Style investing, J. Fin. Econ., 68, 161, 10.1016/S0304-405X(03)00064-3 Bergstresser, 2002, Do after-tax returns affect mutual fund inflows?, J. Fin. Econ., 63, 381, 10.1016/S0304-405X(02)00066-1 Berk, 2004, Mutual fund flows and performance in rational markets, J. Polit. Econ., 112, 1269, 10.1086/424739 Book, M.F.F., 2020. Investment Company Institute. New York Brunnermeier, 2007, Optimal beliefs, asset prices, and the preference for skewed returns, Am. Econ. Rev., 97, 159, 10.1257/aer.97.2.159 Cao, 2008, An empirical analysis of the dynamic relationship between mutual fund flow and market return volatility, J. Bank. Fin., 32, 2111, 10.1016/j.jbankfin.2007.12.035 Carhart, 1997, On persistence in mutual fund performance, J. Fin., 52, 57, 10.1111/j.1540-6261.1997.tb03808.x Chen, 2004, Does fund size erode mutual fund performance? the role of liquidity and organization, Am. Econ. Rev., 94, 1276, 10.1257/0002828043052277 Chevalier, 1997, Risk taking by mutual funds as a response to incentives, J. Polit. Econ., 105, 1167, 10.1086/516389 Choi, 2020, What matters to individual investors?. Evidence from the horse’s mouth, J. Fin., 75, 1965, 10.1111/jofi.12895 Clifford, C.P., Fulkerson, J.A., Jordan, B.D., & Waldman, S. (2013) Risk and fund flows. Available at SSRN 1752362. Del Guercio, 2008, Star power: The effect of Monrningstar ratings on mutual fund flow, J. Fin. Quant. Anal., 43, 907, 10.1017/S0022109000014393 Elton, 1996, The persistence of risk-adjusted mutual fund performance, J. Business, 133, 10.1086/209685 Evans, 2010, Mutual fund incubation, J. Fin., 65, 1581, 10.1111/j.1540-6261.2010.01579.x Ferreira, 2013, The determinants of mutual fund performance: A cross-country study, Rev. Fin., 17, 483, 10.1093/rof/rfs013 Glossner, S., Matos, P., Ramelli, S., & Wagner, A.F. (2020) Where do institutional investors seek shelter when disaster strikes? Evidence from COVID-19. Goldie, 2019, Does max matter for mutual funds?, Euro. Finan. Manage., 25, 777, 10.1111/eufm.12192 Gruber, 1996, Another puzzle: The growth in actively managed mutual funds, J. Fin., 51, 783, 10.1111/j.1540-6261.1996.tb02707.x Guiso, 2018, Time varying risk aversion, J. Fin. Econ., 128, 403, 10.1016/j.jfineco.2018.02.007 Hoffmann, 2013, Individual investor perceptions and behavior during the financial crisis, J. Bank. Fin., 37, 60, 10.1016/j.jbankfin.2012.08.007 Hofstede, 1984, Vol. 5 Hofstede, 2001 Huang, 2007, Participation costs and the sensitivity of fund flows to past performance, J. Fin., 62, 1273, 10.1111/j.1540-6261.2007.01236.x Jetter, 2020, Becoming sensitive: Males’risk and time preferences after the 2008 financial crisis, Euro. Econ. Rev., 128, 103512, 10.1016/j.euroecorev.2020.103512 Jin, L., Eshraghi, A., Taffler, R., & Goyal, A. (2015) Fund manager active share, overconfidence and investment performance. Unpublished working paper. Warwick University, University of Edinburgh, and University of Lausanne Labidi, 2021, National culture and socially responsible fund flows, Emerg. Mark. Rev., 46, 100751, 10.1016/j.ememar.2020.100751 Li, C.W., Tiwari, A., & Tong, L. (2020) Mutual fund tournaments and fund active share. Available at SSRN 3074720. Mitton, 2007, Equilibrium underdiversification and the preference for skewness, Rev. Fin. Stud., 20, 1255, 10.1093/revfin/hhm011 Nanda, 2004, Family values and the star phenomenon: Strategies of mutual fund families, Rev. Fin. Stud., 17, 667, 10.1093/rfs/hhg054 Polkovnichenko, 2019, Cautious risk takers: Investor preferences and demand for active management, J. Fin., 74, 1025, 10.1111/jofi.12747 Pomorski, L. (2004) Style investing: evidence from mutual fund flows. Available at SSRN 559405 Sirri, 1998, Costly search and mutual fund flows, J. Fin., 53, 1589, 10.1111/0022-1082.00066 Spiegel, 2013, Mutual fund risk and market share-adjusted fund flows, J. Fin. Econ., 108, 506, 10.1016/j.jfineco.2012.05.018 Tversky, 1992, Advances in prospect theory: Cumulative representation of uncertainty, J. Risk Uncert., 5, 297, 10.1007/BF00122574