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dc.contributor.authorPinnuck, Matten_NZ
dc.date.available2011-04-07T03:18:52Z
dc.date.copyright2001-05-11en_NZ
dc.identifier.citationPinnuck, M. (2001, May 11). Do the trades and stockholdings of fund managers reveal private information? University of Otago Department of Finance Seminar Series. Presented at the University of Otago, Finance department, Seminar 2001.en
dc.identifier.urihttp://hdl.handle.net/10523/1506
dc.description.abstractThis paper examines the performance of the stock holdings and trades of a sample of Australian fund managers over the period from 1990 to 1997. When stockholdings are observable, performance measures can be constructed that are much more precise than traditional performance measures that examine the net fund return. We find the stocks held by fund managers realise abnormal returns consistent with there being some stock-selection ability across fund managers. As a more powerful examination of the private information possessed by fund managers we also examine the performance of trades. We find that the stocks they buy realise abnormal returns and the precision of the information is greater for large buy trades relative to small buy trades. For sell trades we find no evidence of abnormal returns, which suggests that fund managers do not possess superior information in regard to bad news. Overall the results, in contrast to the general consensus from traditional performance studies that fund managers do not possess superior information, are consistent with fund managers possessing superior information.en_NZ
dc.format.mimetypeapplication/pdf
dc.relation.ispartofUniversity of Otago Department of Finance Seminar Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/finc/research/seminars_01.htmlen_NZ
dc.subjectstock holdingsen_NZ
dc.subjectperformance measuresen_NZ
dc.subjectfund managersen_NZ
dc.subjectabnormal returnsen_NZ
dc.subject.lcshHF Commerceen_NZ
dc.subject.lcshHF5601 Accountingen_NZ
dc.subject.lcshHG Financeen_NZ
dc.subject.lcshHF5601 Accountingen_NZ
dc.titleDo the trades and stockholdings of fund managers reveal private information?en_NZ
dc.typeConference or Workshop Item (Seminar, Speech or Other Presentation)en_NZ
dc.description.versionUnpublisheden_NZ
otago.bitstream.pages43en_NZ
otago.date.accession2007-04-12en_NZ
otago.schoolFinanceen_NZ
otago.openaccessOpen
otago.place.publicationDunedin, New Zealanden_NZ
dc.identifier.eprints595en_NZ
dc.description.refereedNon Peer Revieweden_NZ
otago.school.eprintsFinance & Quantitative Analysisen_NZ
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otago.event.dates11 May 2001en_NZ
otago.event.placeRoom 2.07, University of Otago, Dunedin, Otagoen_NZ
otago.event.typeotheren_NZ
otago.event.titleUniversity of Otago, Finance department, Seminar 2001en_NZ
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