000129808 001__ 129808 000129808 005__ 20240111114816.0 000129808 0247_ $$2doi$$a10.1177/23409444211024645 000129808 0248_ $$2sideral$$a126302 000129808 037__ $$aART-2021-126302 000129808 041__ $$aeng 000129808 100__ $$0(orcid)0000-0003-3661-5448$$aAndreu, L.$$uUniversidad de Zaragoza 000129808 245__ $$aWindow dressing in the Active Share scores in publicly reported portfolios 000129808 260__ $$c2021 000129808 5060_ $$aAccess copy available to the general public$$fUnrestricted 000129808 5203_ $$aUsing a unique database that includes publicly disclosed fund holdings at the end of the quarter as well as the holdings in all non-publicly disclosed months, we found that some funds could alter their portfolios in publicly disclosed months to artificially increase their Active Share scores and consequently appear more active and take advantage of the positive relationship between Active Share and money flows. We show how, consistent with non-informed trades, these funds erode their future performance. However, these funds reach their objective of increasing future money flows. Moreover, we find that window-dresser funds can be identified by controlling the level of tracking error. The funds with high Active Share scores and low tracking errors have the highest levels of Active Share window dressing and the worst future returns. However, compared with less active funds, they are able to capture higher money flows. 000129808 536__ $$9info:eu-repo/grantAgreement/ES/MCIU/RTI2018-093483-B-I00 000129808 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc$$uhttp://creativecommons.org/licenses/by-nc/3.0/es/ 000129808 590__ $$a4.204$$b2021 000129808 591__ $$aMANAGEMENT$$b124 / 228 = 0.544$$c2021$$dQ3$$eT2 000129808 591__ $$aBUSINESS$$b95 / 154 = 0.617$$c2021$$dQ3$$eT2 000129808 592__ $$a0.751$$b2021 000129808 593__ $$aBusiness and International Management$$c2021$$dQ1 000129808 593__ $$aStrategy and Management$$c2021$$dQ1 000129808 593__ $$aBusiness, Management and Accounting (miscellaneous)$$c2021$$dQ1 000129808 594__ $$a6.4$$b2021 000129808 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000129808 700__ $$aForner, C. 000129808 700__ $$0(orcid)0000-0001-6078-0465$$aSarto, J.L.$$uUniversidad de Zaragoza 000129808 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000129808 773__ $$g(2021), [22 pp.]$$pBus. res. q.$$tBRQ Business Research Quarterly$$x2340-9436 000129808 8564_ $$s298115$$uhttps://zaguan.unizar.es/record/129808/files/texto_completo.pdf$$yVersión publicada 000129808 8564_ $$s2561108$$uhttps://zaguan.unizar.es/record/129808/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000129808 909CO $$ooai:zaguan.unizar.es:129808$$particulos$$pdriver 000129808 951__ $$a2024-01-11-11:00:17 000129808 980__ $$aARTICLE