000117650 001__ 117650 000117650 005__ 20230914083629.0 000117650 0247_ $$2doi$$a10.3390/jrfm15010033 000117650 0248_ $$2sideral$$a128615 000117650 037__ $$aART-2022-128615 000117650 041__ $$aeng 000117650 100__ $$0(orcid)0000-0003-4675-6762$$aGimeno Losilla, Ruth$$uUniversidad de Zaragoza 000117650 245__ $$aYou learn when it hurts: evidence in the mutual fund industry 000117650 260__ $$c2022 000117650 5060_ $$aAccess copy available to the general public$$fUnrestricted 000117650 5203_ $$aThis paper aims to contribute to the lack of research on the learning process of mutual fund markets. The empirical design is focused on the ability of the Spanish equity mutual fund industry to learn from its important errors. The choice of this industry is justified by both its relevance in the European mutual fund markets and some specific characteristics, such as the concentration and the banking control of the industry, which may affect the learning process. Our main objectives are to identify important trading errors in mutual fund management by applying three independent filters based on the relative importance of each decision, and then testing the evolution of these errors both at the industry level and at the fund family level. We apply the dynamic model of generalized method of moments (GMM), and we find an overall significant decrease in the percentage of important trading errors over time, thereby providing evidence of the global learning process of the industry. In addition, we find that a large number of fund families drive this evidence. Finally, we obtain that the family size and its dependence on financial groups do not seem to play significant roles in explaining the learning process. Therefore, we conclude that fund managers have incentives to learn from their important trading errors, in order to avoid them in future decisions, due to their serious negative consequences on fund performance, regardless of the characteristics of the families to which they belong. 000117650 536__ $$9info:eu-repo/grantAgreement/ES/DGA-IIU/1-2017$$9info:eu-repo/grantAgreement/ES/DGA/S38-20R$$9info:eu-repo/grantAgreement/ES/MCIU/RTI2018-093483-B-I00 000117650 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttp://creativecommons.org/licenses/by/3.0/es/ 000117650 592__ $$a0.258$$b2022 000117650 593__ $$aAccounting$$c2022$$dQ3 000117650 593__ $$aFinance$$c2022$$dQ3 000117650 593__ $$aEconomics and Econometrics$$c2022$$dQ3 000117650 593__ $$aBusiness, Management and Accounting (miscellaneous)$$c2022$$dQ3 000117650 594__ $$a0.7$$b2022 000117650 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000117650 700__ $$0(orcid)0000-0001-6078-0465$$aSarto, José Luis$$uUniversidad de Zaragoza 000117650 700__ $$0(orcid)0000-0003-4778-5960$$aVicente, Luis$$uUniversidad de Zaragoza 000117650 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000117650 773__ $$g15, 1 (2022), 33 [29 pp.]$$pJ. risk financ. manag.$$tJournal of Risk and Financial Management$$x1911-8074 000117650 8564_ $$s966169$$uhttps://zaguan.unizar.es/record/117650/files/texto_completo.pdf$$yVersión publicada 000117650 8564_ $$s2745367$$uhttps://zaguan.unizar.es/record/117650/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000117650 909CO $$ooai:zaguan.unizar.es:117650$$particulos$$pdriver 000117650 951__ $$a2023-09-13-14:00:32 000117650 980__ $$aARTICLE