WedemonstratethatwecansatisfybothcriteriaifweimplementthemethodusingmutualUndertheassumptionthataparticularasset fund data。pricing modelholds,weusethemaininsightfrom Berkand布朗(2004)to showthatpositive(negative)abnormalreturnrealizationsinamutualfundinvestmentmustbeassociatedwithpositivenetpresentvaluebuying(selling)opportunities。Wethenmeasureinvestorreactionstotheseopportunities byobservingthesubsequentcapital flowinto(out of)mutualfunds。
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