Home > Research > Publications & Outputs > NAV Inflation and Impact on Performance in China

Electronic data

  • NAV_Inflation_and_Impact_on_Performance_in_China

    Rights statement: This is the peer reviewed version of the following article: Shackleton, M, Yan, J, Yao, Y. NAV inflation and impact on performance in China. Eur Financ Manag. 2019; 1– 25. https://doi.org/10.1111/eufm.12207 which has been published in final form at https://onlinelibrary.wiley.com/doi/full/10.1111/eufm.12207 This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.

    Accepted author manuscript, 687 KB, PDF document

    Embargo ends: 4/12/20

    Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License

Links

Text available via DOI:

View graph of relations

NAV Inflation and Impact on Performance in China

Research output: Contribution to journalJournal article

E-pub ahead of print
<mark>Journal publication date</mark>4/12/2018
<mark>Journal</mark>European Financial Management
Publication statusE-pub ahead of print
Early online date4/12/18
Original languageEnglish

Abstract

Our study is among the first to examine the net asset value (NAV) inflation practices of fund managers in China, finding that equity funds bolster their portfolios at quarter-end and especially year-end. In support of the NAV inflation hypothesis in China, we further document the following: (1) NAV inflation is more profound for the worst-performing fund managers and (2) the stocks in which fund managers hold larger stakes exhibit a more marked pattern of price inflation around quarter- and year-ends than do other stocks. We also find that closed-end funds in China engage in NAV inflation at quarter- and year-ends.

Bibliographic note

This is the peer reviewed version of the following article: Shackleton, M, Yan, J, Yao, Y. NAV inflation and impact on performance in China. Eur Financ Manag. 2019; 1– 25. https://doi.org/10.1111/eufm.12207 which has been published in final form at https://onlinelibrary.wiley.com/doi/full/10.1111/eufm.12207 This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.