000118053 001__ 118053 000118053 005__ 20240319080945.0 000118053 0247_ $$2doi$$a10.1016/j.irfa.2022.102221 000118053 0248_ $$2sideral$$a129391 000118053 037__ $$aART-2022-129391 000118053 041__ $$aeng 000118053 100__ $$0(orcid)0000-0003-4675-6762$$aGimeno, Ruth$$uUniversidad de Zaragoza 000118053 245__ $$aFund trading divergence and performance contribution 000118053 260__ $$c2022 000118053 5060_ $$aAccess copy available to the general public$$fUnrestricted 000118053 5203_ $$aConsidering that the most distinct trading decisions are crucial to evaluate the ability of fund managers to add value, this paper aims to examine the trading divergence level among mutual funds and to capture its determinants and its performance consequences. We propose a measure that is more informative than the traditional overlap metrics, providing evidence of a positive and significant trend of fund trading divergence over time, especially after the Global Financial Crisis (GFC) of 2008. Our results also show a negative influence of market stress on the trading divergence level. Interestingly, we find greater contribution to subsequent fund performance in the divergent portions of trading decisions. 000118053 536__ $$9info:eu-repo/grantAgreement/ES/DGA-IIU/1-2017$$9info:eu-repo/grantAgreement/ES/DGA/S38-20R$$9info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00 000118053 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc-nd$$uhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/ 000118053 590__ $$a8.2$$b2022 000118053 592__ $$a1.881$$b2022 000118053 591__ $$aBUSINESS, FINANCE$$b4 / 111 = 0.036$$c2022$$dQ1$$eT1 000118053 593__ $$aFinance$$c2022$$dQ1 000118053 593__ $$aEconomics and Econometrics$$c2022$$dQ1 000118053 594__ $$a9.1$$b2022 000118053 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000118053 700__ $$0(orcid)0000-0003-3661-5448$$aAndreu, Laura$$uUniversidad de Zaragoza 000118053 700__ $$0(orcid)0000-0001-6078-0465$$aSarto, José Luis$$uUniversidad de Zaragoza 000118053 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000118053 773__ $$g83 (2022), 102221 [14 pp.]$$pInt. rev. financ. anal.$$tInternational review of financial analysis$$x1057-5219 000118053 8564_ $$s684530$$uhttps://zaguan.unizar.es/record/118053/files/texto_completo.pdf$$yVersión publicada 000118053 8564_ $$s2817844$$uhttps://zaguan.unizar.es/record/118053/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000118053 909CO $$ooai:zaguan.unizar.es:118053$$particulos$$pdriver 000118053 951__ $$a2024-03-18-12:29:46 000118053 980__ $$aARTICLE