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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.

    Accepted author manuscript, 688 KB, PDF document

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

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NAV Inflation and Impact on Performance in China

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Published
<mark>Journal publication date</mark>1/01/2020
<mark>Journal</mark>European Financial Management
Issue number1
Volume26
Number of pages25
Pages (from-to)118-142
Publication StatusPublished
Early online date4/12/18
<mark>Original language</mark>English

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.