117650 20230914083629.0 doi 10.3390/jrfm15010033 sideral 128615 ART-2022-128615 eng Gimeno Losilla, Ruth Universidad de Zaragoza (orcid)0000-0003-4675-6762 You learn when it hurts: evidence in the mutual fund industry 2022 Access copy available to the general public Unrestricted This 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. info:eu-repo/grantAgreement/ES/DGA-IIU/1-2017 info:eu-repo/grantAgreement/ES/DGA/S38-20R info:eu-repo/grantAgreement/ES/MCIU/RTI2018-093483-B-I00 info:eu-repo/semantics/openAccess by http://creativecommons.org/licenses/by/3.0/es/ 0.258 2022 Accounting 2022 Q3 Finance 2022 Q3 Economics and Econometrics 2022 Q3 Business, Management and Accounting (miscellaneous) 2022 Q3 0.7 2022 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Sarto, José Luis Universidad de Zaragoza (orcid)0000-0001-6078-0465 Vicente, Luis Universidad de Zaragoza (orcid)0000-0003-4778-5960 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 15, 1 (2022), 33 [29 pp.] J. risk financ. manag. Journal of Risk and Financial Management 1911-8074 966169 http://zaguan.unizar.es/record/117650/files/texto_completo.pdf Versión publicada 2745367 http://zaguan.unizar.es/record/117650/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:117650 articulos driver 2023-09-13-14:00:32 ARTICLE