The likelihood of pandemics has been perceived very low till very recently. Therefore, the
exponential spread of Covid-19 was a major surprise that has resulted in a global rout of …

Purpose This paper aims to identify the direct impact of fund style drift on the risk of stock
price collapse and the intermediary mechanism of financial risk, so as to better protect the …

This paper examines how style drift behavior of Chinese fund managers moderates the
impact of network centrality on fund performance. We first construct network connections of …

This paper examines how Chinese mutual funds actively alter the style drift of their top ten
holdings in response to past performance in annual tournaments from the three dimensions …

Style drift contributes to mutual fund performance at the cost of additional risks associated
with styles. We find that, although style drift enhances the net return of Chinese mutual funds …

The impact of mutual fund managers' investment behavior, such as chasing hot trends and
betting on specific sectors through frequent cross-industry rebalancing, on future …

In many financial markets across the globe, full historical position disclosure is not required
of mutual funds, or it is subject to prolonged delays, often due to regulatory restrictions. This …

We construct a simple intuitive rating mechanism to evaluate stock picking and market timing
skills of equity and hybrid equity fund managers in China. We find that both our skill-rated 5 …

Based on the equity asset allocation of Chinese open-end active funds, we examined the
potential motivations and economic consequences of frequent inter-industry portfolio …

In this paper, we assess the relationship between risk-shifting of mutual funds, measured as
benchmark-adjusted factor-based investment style change following a structural break, and …