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«Edwin J. Elton* Martin J. Gruber* Jeffrey A. Busse* October 2002 Abstract Financial theory is often based on the belief that the actions of rational ...»

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Sirri, E. and P. Tufano, 1993. Buying and selling mutual funds: Flows, performance, fees and service. Working Paper, Harvard Business School.

Sirri, E. and P. Tufano, 1998. Costly search and mutual fund flows. Journal of Finance 53, 1589-1622.

Warther, V., 1995. Aggregate mutual fund flows and security returns. Journal of Financial Economics 39, 209-235.

Zheng, L., 1999. Is money smart? A study of mutual fund investors’ fund selection ability. Journal of Finance 54, 901-933.

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Table 2. Association over three-year periods The table shows statistics from regressions of three-year measures of the indicated regressand variables at time t+1 on three-year measures of the indicated regressor variables at time t.

Returns are annualized. The sample includes 52 funds. The sample period is January 1996 through December 2001.

Variables Intercept t(int) Slope 1 t(slope 1) Slope 2 t(slope 2) R-sq

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Table 4. Three-year prediction deciles The table shows mean three-year statistics at time t+1 for funds sorted into deciles based on three-year measures of the indicated variables at time t.

Returns are annualized. The sample includes 52 funds. The sample period is January 1996 through December 2001.

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