78257 20191122145056.0 doi 10.1016/j.jempfin.2017.11.004 sideral 102471 ART-2018-102471 eng (orcid)0000-0002-9481-1466 Muñoz Sanchez, Fernando Universidad de Zaragoza Hindsight effect: What are the actual cash flow timing skills of mutual fund investors? 2018 Access copy available to the general public Unrestricted This paper analyzes the cash flow timing skills of mutual fund investors, controlling for the hindsight effect (HE). We analyze a sample of US domestic equity mutual funds in the period 1990–2016. Before controlling for the HE, we find that mutual fund investors worsen the return that they achieve with their timing decisions by 1.80% annually. However, after controlling for the HE, the actual prejudice is 0.71% annually. We establish several additional controls obtaining these next results: (i) more sophisticated and informed investors show better timing skills; (ii) the HE is more relevant to less sophisticated investors; (iii) investors wrongly time their exposure to the stock market; and (iv) incubation bias does not significantly affect previous results. info:eu-repo/grantAgreement/ES/DGA/S14-2 info:eu-repo/grantAgreement/ES/UZ/CUD2016-SOC-01 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 1.244 2018 ECONOMICS 178 / 363 = 0.49 2018 Q2 T2 BUSINESS, FINANCE 66 / 103 = 0.641 2018 Q3 T2 1.072 2018 Finance 2018 Q1 Economics and Econometrics 2018 Q1 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion (orcid)0000-0002-1667-6107 Vicente Reñé, Ruth Universidad de Zaragoza 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 45 (2018), 181-193 JOURNAL OF EMPIRICAL FINANCE JOURNAL OF EMPIRICAL FINANCE 0927-5398 164301 http://zaguan.unizar.es/record/78257/files/texto_completo.pdf Postprint 80046 http://zaguan.unizar.es/record/78257/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:78257 articulos driver 2019-11-22-14:46:00 ARTICLE