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    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.

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NAV Inflation and Impact on Performance in China

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NAV Inflation and Impact on Performance in China. / Shackleton, Mark Broughton; Yan, Jiali; Yao, Yaqiong.

In: European Financial Management, Vol. 26, No. 1, 01.01.2020, p. 118-142.

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Shackleton, Mark Broughton ; Yan, Jiali ; Yao, Yaqiong. / NAV Inflation and Impact on Performance in China. In: European Financial Management. 2020 ; Vol. 26, No. 1. pp. 118-142.

Bibtex

@article{c49c38125ca5455082a502e37b04ff7f,
title = "NAV Inflation and Impact on Performance in China",
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.",
author = "Shackleton, {Mark Broughton} and Jiali Yan and Yaqiong Yao",
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.",
year = "2020",
month = jan,
day = "1",
doi = "10.1111/eufm.12207",
language = "English",
volume = "26",
pages = "118--142",
journal = "European Financial Management",
issn = "1354-7798",
publisher = "Wiley-Blackwell",
number = "1",

}

RIS

TY - JOUR

T1 - NAV Inflation and Impact on Performance in China

AU - Shackleton, Mark Broughton

AU - Yan, Jiali

AU - Yao, Yaqiong

N1 - 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.

PY - 2020/1/1

Y1 - 2020/1/1

N2 - 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.

AB - 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.

U2 - 10.1111/eufm.12207

DO - 10.1111/eufm.12207

M3 - Journal article

VL - 26

SP - 118

EP - 142

JO - European Financial Management

JF - European Financial Management

SN - 1354-7798

IS - 1

ER -