118053 20240319080945.0 doi 10.1016/j.irfa.2022.102221 sideral 129391 ART-2022-129391 eng Gimeno, Ruth Universidad de Zaragoza (orcid)0000-0003-4675-6762 Fund trading divergence and performance contribution 2022 Access copy available to the general public Unrestricted Considering 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. info:eu-repo/grantAgreement/ES/DGA-IIU/1-2017 info:eu-repo/grantAgreement/ES/DGA/S38-20R info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 8.2 2022 BUSINESS, FINANCE 4 / 111 = 0.036 2022 Q1 T1 1.881 2022 Finance 2022 Q1 Economics and Econometrics 2022 Q1 9.1 2022 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Andreu, Laura Universidad de Zaragoza (orcid)0000-0003-3661-5448 Sarto, José Luis Universidad de Zaragoza (orcid)0000-0001-6078-0465 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 83 (2022), 102221 [14 pp.] Int. rev. financ. anal. International review of financial analysis 1057-5219 684530 http://zaguan.unizar.es/record/118053/files/texto_completo.pdf Versión publicada 2817844 http://zaguan.unizar.es/record/118053/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:118053 articulos driver 2024-03-18-12:29:46 ARTICLE