How mutual funds respond to asymmetric feedback trading in China’s stock market

Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock an...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Wan, Die [verfasserIn] Li, Yang [verfasserIn] Yang, Xiaoguang [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2024

Rechteinformationen:	Open Access Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International ; CC BY-NC-ND 4.0

Schlagwörter:	Asymmetric feedback trading Market sentiment Mutual fund shareholdings Short selling Uncertainty

Übergeordnetes Werk:	Enthalten in: Journal of management science and engineering - Amsterdam : Elsevier, 2016, 9(2024), 2 vom: Juni, Seite 143-160
Übergeordnetes Werk:	volume:9 ; year:2024 ; number:2 ; month:06 ; pages:143-160

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.jmse.2024.01.001

Katalog-ID:	1897328583

Internformat


LEADER	01000naa a2200265 4500
001	1897328583
003	DE-627
005	20240801103508.0
007	cr uuu---uuuuu
008	240801s2024 xx \|\|\|\|\|o 00\| \|\|eng c
024	7		\|a 10.1016/j.jmse.2024.01.001 \|2 doi
035			\|a (DE-627)1897328583
035			\|a (DE-599)KXP1897328583
040			\|a DE-627 \|b ger \|c DE-627 \|e rda
041			\|a eng
100	1		\|a Wan, Die \|e verfasserin \|0 (DE-588)1155311159 \|0 (DE-627)1016722192 \|0 (DE-576)501534024 \|4 aut
245	1	0	\|a How mutual funds respond to asymmetric feedback trading in China’s stock market \|c Die Wan, Li Yang, Xiaoguang Yang
264		1	\|c 2024
336			\|a Text \|b txt \|2 rdacontent
337			\|a Computermedien \|b c \|2 rdamedia
338			\|a Online-Ressource \|b cr \|2 rdacarrier
506	0		\|q DE-206 \|a Open Access \|e Controlled Vocabulary for Access Rights \|u http://purl.org/coar/access_right/c_abf2
520			\|a Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market.
540			\|q DE-206 \|a Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International \|f CC BY-NC-ND 4.0 \|2 cc \|u https://creativecommons.org/licenses/by-nc-nd/4.0/
650		4	\|a Asymmetric feedback trading \|7 (dpeaa)DE-206
650		4	\|a Market sentiment \|7 (dpeaa)DE-206
650		4	\|a Mutual fund shareholdings \|7 (dpeaa)DE-206
650		4	\|a Short selling \|7 (dpeaa)DE-206
650		4	\|a Uncertainty \|7 (dpeaa)DE-206
700	1		\|a Li, Yang \|e verfasserin \|0 (DE-588)170461688 \|0 (DE-627)060555211 \|0 (DE-576)131347322 \|4 aut
700	1		\|a Yang, Xiaoguang \|e verfasserin \|0 (DE-588)139319263 \|0 (DE-627)609579347 \|0 (DE-576)311190774 \|4 aut
773	0	8	\|i Enthalten in \|t Journal of management science and engineering \|d Amsterdam : Elsevier, 2016 \|g 9(2024), 2 vom: Juni, Seite 143-160 \|h Online-Ressource \|w (DE-627)1665781963 \|w (DE-600)2972364-4 \|x 2589-5532 \|7 nnns
773	1	8	\|g volume:9 \|g year:2024 \|g number:2 \|g month:06 \|g pages:143-160
856	4	0	\|u https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf \|x Verlag \|z kostenfrei
856	4	0	\|u https://doi.org/10.1016/j.jmse.2024.01.001 \|x Resolving-System \|z kostenfrei
912			\|a GBV_USEFLAG_U
912			\|a GBV_ILN_26
912			\|a ISIL_DE-206
912			\|a SYSFLAG_1
912			\|a GBV_KXP
912			\|a GBV_ILN_20
912			\|a GBV_ILN_22
912			\|a GBV_ILN_23
912			\|a GBV_ILN_24
912			\|a GBV_ILN_31
912			\|a GBV_ILN_39
912			\|a GBV_ILN_40
912			\|a GBV_ILN_60
912			\|a GBV_ILN_62
912			\|a GBV_ILN_63
912			\|a GBV_ILN_65
912			\|a GBV_ILN_69
912			\|a GBV_ILN_70
912			\|a GBV_ILN_73
912			\|a GBV_ILN_95
912			\|a GBV_ILN_105
912			\|a GBV_ILN_110
912			\|a GBV_ILN_151
912			\|a GBV_ILN_161
912			\|a GBV_ILN_170
912			\|a GBV_ILN_206
912			\|a GBV_ILN_213
912			\|a GBV_ILN_230
912			\|a GBV_ILN_285
912			\|a GBV_ILN_293
912			\|a GBV_ILN_370
912			\|a GBV_ILN_602
912			\|a GBV_ILN_2014
912			\|a GBV_ILN_2050
912			\|a GBV_ILN_4012
912			\|a GBV_ILN_4037
912			\|a GBV_ILN_4112
912			\|a GBV_ILN_4125
912			\|a GBV_ILN_4126
912			\|a GBV_ILN_4249
912			\|a GBV_ILN_4305
912			\|a GBV_ILN_4306
912			\|a GBV_ILN_4307
912			\|a GBV_ILN_4313
912			\|a GBV_ILN_4322
912			\|a GBV_ILN_4323
912			\|a GBV_ILN_4324
912			\|a GBV_ILN_4325
912			\|a GBV_ILN_4326
912			\|a GBV_ILN_4335
912			\|a GBV_ILN_4338
912			\|a GBV_ILN_4367
912			\|a GBV_ILN_4700
912			\|a GBV_ILN_2403
912			\|a GBV_ILN_2403
912			\|a ISIL_DE-LFER
951			\|a AR
952			\|d 9 \|j 2024 \|e 2 \|c 6 \|h 143-160
980			\|2 26 \|1 01 \|x 0206 \|b 4561491473 \|y x1z \|z 01-08-24
980			\|2 2403 \|1 01 \|x DE-LFER \|b 4567142403 \|c 00 \|f --%%-- \|d --%%-- \|e n \|j --%%-- \|y l01 \|z 16-08-24
981			\|2 2403 \|1 01 \|x DE-LFER \|r https://doi.org/10.1016/j.jmse.2024.01.001
981			\|2 2403 \|1 01 \|x DE-LFER \|r https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf

Indexfelder

author_variant	d w dw y l yl x y xy
matchkey_str	article:25895532:2024----::omtafnsepntaymtifebctaig
hierarchy_sort_str	2024
publishDate	2024
allfields	10.1016/j.jmse.2024.01.001 doi (DE-627)1897328583 (DE-599)KXP1897328583 DE-627 ger DE-627 rda eng Wan, Die verfasserin (DE-588)1155311159 (DE-627)1016722192 (DE-576)501534024 aut How mutual funds respond to asymmetric feedback trading in China’s stock market Die Wan, Li Yang, Xiaoguang Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Asymmetric feedback trading (dpeaa)DE-206 Market sentiment (dpeaa)DE-206 Mutual fund shareholdings (dpeaa)DE-206 Short selling (dpeaa)DE-206 Uncertainty (dpeaa)DE-206 Li, Yang verfasserin (DE-588)170461688 (DE-627)060555211 (DE-576)131347322 aut Yang, Xiaoguang verfasserin (DE-588)139319263 (DE-627)609579347 (DE-576)311190774 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 9(2024), 2 vom: Juni, Seite 143-160 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:9 year:2024 number:2 month:06 pages:143-160 https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmse.2024.01.001 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2050 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 9 2024 2 6 143-160 26 01 0206 4561491473 x1z 01-08-24 2403 01 DE-LFER 4567142403 00 --%%-- --%%-- n --%%-- l01 16-08-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmse.2024.01.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf
spelling	10.1016/j.jmse.2024.01.001 doi (DE-627)1897328583 (DE-599)KXP1897328583 DE-627 ger DE-627 rda eng Wan, Die verfasserin (DE-588)1155311159 (DE-627)1016722192 (DE-576)501534024 aut How mutual funds respond to asymmetric feedback trading in China’s stock market Die Wan, Li Yang, Xiaoguang Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Asymmetric feedback trading (dpeaa)DE-206 Market sentiment (dpeaa)DE-206 Mutual fund shareholdings (dpeaa)DE-206 Short selling (dpeaa)DE-206 Uncertainty (dpeaa)DE-206 Li, Yang verfasserin (DE-588)170461688 (DE-627)060555211 (DE-576)131347322 aut Yang, Xiaoguang verfasserin (DE-588)139319263 (DE-627)609579347 (DE-576)311190774 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 9(2024), 2 vom: Juni, Seite 143-160 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:9 year:2024 number:2 month:06 pages:143-160 https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmse.2024.01.001 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2050 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 9 2024 2 6 143-160 26 01 0206 4561491473 x1z 01-08-24 2403 01 DE-LFER 4567142403 00 --%%-- --%%-- n --%%-- l01 16-08-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmse.2024.01.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf
allfields_unstemmed	10.1016/j.jmse.2024.01.001 doi (DE-627)1897328583 (DE-599)KXP1897328583 DE-627 ger DE-627 rda eng Wan, Die verfasserin (DE-588)1155311159 (DE-627)1016722192 (DE-576)501534024 aut How mutual funds respond to asymmetric feedback trading in China’s stock market Die Wan, Li Yang, Xiaoguang Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Asymmetric feedback trading (dpeaa)DE-206 Market sentiment (dpeaa)DE-206 Mutual fund shareholdings (dpeaa)DE-206 Short selling (dpeaa)DE-206 Uncertainty (dpeaa)DE-206 Li, Yang verfasserin (DE-588)170461688 (DE-627)060555211 (DE-576)131347322 aut Yang, Xiaoguang verfasserin (DE-588)139319263 (DE-627)609579347 (DE-576)311190774 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 9(2024), 2 vom: Juni, Seite 143-160 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:9 year:2024 number:2 month:06 pages:143-160 https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmse.2024.01.001 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2050 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 9 2024 2 6 143-160 26 01 0206 4561491473 x1z 01-08-24 2403 01 DE-LFER 4567142403 00 --%%-- --%%-- n --%%-- l01 16-08-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmse.2024.01.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf
allfieldsGer	10.1016/j.jmse.2024.01.001 doi (DE-627)1897328583 (DE-599)KXP1897328583 DE-627 ger DE-627 rda eng Wan, Die verfasserin (DE-588)1155311159 (DE-627)1016722192 (DE-576)501534024 aut How mutual funds respond to asymmetric feedback trading in China’s stock market Die Wan, Li Yang, Xiaoguang Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Asymmetric feedback trading (dpeaa)DE-206 Market sentiment (dpeaa)DE-206 Mutual fund shareholdings (dpeaa)DE-206 Short selling (dpeaa)DE-206 Uncertainty (dpeaa)DE-206 Li, Yang verfasserin (DE-588)170461688 (DE-627)060555211 (DE-576)131347322 aut Yang, Xiaoguang verfasserin (DE-588)139319263 (DE-627)609579347 (DE-576)311190774 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 9(2024), 2 vom: Juni, Seite 143-160 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:9 year:2024 number:2 month:06 pages:143-160 https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmse.2024.01.001 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2050 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 9 2024 2 6 143-160 26 01 0206 4561491473 x1z 01-08-24 2403 01 DE-LFER 4567142403 00 --%%-- --%%-- n --%%-- l01 16-08-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmse.2024.01.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf
allfieldsSound	10.1016/j.jmse.2024.01.001 doi (DE-627)1897328583 (DE-599)KXP1897328583 DE-627 ger DE-627 rda eng Wan, Die verfasserin (DE-588)1155311159 (DE-627)1016722192 (DE-576)501534024 aut How mutual funds respond to asymmetric feedback trading in China’s stock market Die Wan, Li Yang, Xiaoguang Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Asymmetric feedback trading (dpeaa)DE-206 Market sentiment (dpeaa)DE-206 Mutual fund shareholdings (dpeaa)DE-206 Short selling (dpeaa)DE-206 Uncertainty (dpeaa)DE-206 Li, Yang verfasserin (DE-588)170461688 (DE-627)060555211 (DE-576)131347322 aut Yang, Xiaoguang verfasserin (DE-588)139319263 (DE-627)609579347 (DE-576)311190774 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 9(2024), 2 vom: Juni, Seite 143-160 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:9 year:2024 number:2 month:06 pages:143-160 https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmse.2024.01.001 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2050 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 9 2024 2 6 143-160 26 01 0206 4561491473 x1z 01-08-24 2403 01 DE-LFER 4567142403 00 --%%-- --%%-- n --%%-- l01 16-08-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmse.2024.01.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf
language	English
source	Enthalten in Journal of management science and engineering 9(2024), 2 vom: Juni, Seite 143-160 volume:9 year:2024 number:2 month:06 pages:143-160
sourceStr	Enthalten in Journal of management science and engineering 9(2024), 2 vom: Juni, Seite 143-160 volume:9 year:2024 number:2 month:06 pages:143-160
format_phy_str_mv	Article
building	26:1 2403:0
institution	findex.gbv.de
selectbib_iln_str_mv	26@1z 2403@01
topic_facet	Asymmetric feedback trading Market sentiment Mutual fund shareholdings Short selling Uncertainty
isfreeaccess_bool	true
container_title	Journal of management science and engineering
authorswithroles_txt_mv	Wan, Die @@aut@@ Li, Yang @@aut@@ Yang, Xiaoguang @@aut@@
publishDateDaySort_date	2024-06-01T00:00:00Z
hierarchy_top_id	1665781963
id	1897328583
language_de	englisch
fullrecord	<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000naa a2200265 4500</leader><controlfield tag="001">1897328583</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20240801103508.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">240801s2024 xx \|\|\|\|\|o 00\| \|\|eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1016/j.jmse.2024.01.001</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)1897328583</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KXP1897328583</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Wan, Die</subfield><subfield code="e">verfasserin</subfield><subfield code="0">(DE-588)1155311159</subfield><subfield code="0">(DE-627)1016722192</subfield><subfield code="0">(DE-576)501534024</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">How mutual funds respond to asymmetric feedback trading in China’s stock market</subfield><subfield code="c">Die Wan, Li Yang, Xiaoguang Yang</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2024</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="506" ind1="0" ind2=" "><subfield code="q">DE-206</subfield><subfield code="a">Open Access</subfield><subfield code="e">Controlled Vocabulary for Access Rights</subfield><subfield code="u">http://purl.org/coar/access_right/c_abf2</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market.</subfield></datafield><datafield tag="540" ind1=" " ind2=" "><subfield code="q">DE-206</subfield><subfield code="a">Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International</subfield><subfield code="f">CC BY-NC-ND 4.0</subfield><subfield code="2">cc</subfield><subfield code="u">https://creativecommons.org/licenses/by-nc-nd/4.0/</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Asymmetric feedback trading</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Market sentiment</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Mutual fund shareholdings</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Short selling</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Uncertainty</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Li, Yang</subfield><subfield code="e">verfasserin</subfield><subfield code="0">(DE-588)170461688</subfield><subfield code="0">(DE-627)060555211</subfield><subfield code="0">(DE-576)131347322</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Yang, Xiaoguang</subfield><subfield code="e">verfasserin</subfield><subfield code="0">(DE-588)139319263</subfield><subfield code="0">(DE-627)609579347</subfield><subfield code="0">(DE-576)311190774</subfield><subfield code="4">aut</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Enthalten in</subfield><subfield code="t">Journal of management science and engineering</subfield><subfield code="d">Amsterdam : Elsevier, 2016</subfield><subfield code="g">9(2024), 2 vom: Juni, Seite 143-160</subfield><subfield code="h">Online-Ressource</subfield><subfield code="w">(DE-627)1665781963</subfield><subfield code="w">(DE-600)2972364-4</subfield><subfield code="x">2589-5532</subfield><subfield code="7">nnns</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:9</subfield><subfield code="g">year:2024</subfield><subfield code="g">number:2</subfield><subfield code="g">month:06</subfield><subfield code="g">pages:143-160</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1016/j.jmse.2024.01.001</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">kostenfrei</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_USEFLAG_U</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_26</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ISIL_DE-206</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SYSFLAG_1</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_KXP</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_20</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_22</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_23</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_24</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_31</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_39</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_40</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_60</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_62</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_63</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_65</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_69</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_70</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_73</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_95</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_105</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_110</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_151</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_161</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_170</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_206</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_213</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_230</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_285</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_293</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_370</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_602</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2014</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2050</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4012</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4037</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4112</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4125</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4126</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4249</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4305</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4306</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4307</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4313</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4322</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4323</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4324</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4325</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4326</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4335</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4338</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4367</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2403</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2403</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ISIL_DE-LFER</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">9</subfield><subfield code="j">2024</subfield><subfield code="e">2</subfield><subfield code="c">6</subfield><subfield code="h">143-160</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4561491473</subfield><subfield code="y">x1z</subfield><subfield code="z">01-08-24</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="b">4567142403</subfield><subfield code="c">00</subfield><subfield code="f">--%%--</subfield><subfield code="d">--%%--</subfield><subfield code="e">n</subfield><subfield code="j">--%%--</subfield><subfield code="y">l01</subfield><subfield code="z">16-08-24</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://doi.org/10.1016/j.jmse.2024.01.001</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf</subfield></datafield></record></collection>
standort_str_mv	--%%--
standort_iln_str_mv	2403:--%%-- DE-LFER:--%%--
author	Wan, Die
spellingShingle	Wan, Die misc Asymmetric feedback trading misc Market sentiment misc Mutual fund shareholdings misc Short selling misc Uncertainty How mutual funds respond to asymmetric feedback trading in China’s stock market
authorStr	Wan, Die
ppnlink_with_tag_str_mv	@@773@@(DE-627)1665781963
format	electronic Article
delete_txt_mv	keep
author_role	aut aut aut
typewithnormlink_str_mv	Person@(DE-588)1155311159 DifferentiatedPerson@(DE-588)1155311159 Person@(DE-588)170461688 DifferentiatedPerson@(DE-588)170461688 Person@(DE-588)139319263 DifferentiatedPerson@(DE-588)139319263
collection	KXP GVK SWB
remote_str	true
last_changed_iln_str_mv	26@01-08-24 2403@16-08-24
illustrated	Not Illustrated
issn	2589-5532
topic_title	How mutual funds respond to asymmetric feedback trading in China’s stock market Die Wan, Li Yang, Xiaoguang Yang Asymmetric feedback trading (dpeaa)DE-206 Market sentiment (dpeaa)DE-206 Mutual fund shareholdings (dpeaa)DE-206 Short selling (dpeaa)DE-206 Uncertainty (dpeaa)DE-206
topic	misc Asymmetric feedback trading misc Market sentiment misc Mutual fund shareholdings misc Short selling misc Uncertainty
topic_unstemmed	misc Asymmetric feedback trading misc Market sentiment misc Mutual fund shareholdings misc Short selling misc Uncertainty
topic_browse	misc Asymmetric feedback trading misc Market sentiment misc Mutual fund shareholdings misc Short selling misc Uncertainty
format_facet	Elektronische Aufsätze Aufsätze Elektronische Ressource
standort_txtP_mv	--%%--
format_main_str_mv	Text Zeitschrift/Artikel
carriertype_str_mv	cr
hierarchy_parent_title	Journal of management science and engineering
normlinkwithtype_str_mv	(DE-588)1155311159@Person (DE-588)1155311159@DifferentiatedPerson (DE-588)170461688@Person (DE-588)170461688@DifferentiatedPerson (DE-588)139319263@Person (DE-588)139319263@DifferentiatedPerson
hierarchy_parent_id	1665781963
signature	--%%--
signature_str_mv	--%%--
hierarchy_top_title	Journal of management science and engineering
isfreeaccess_txt	true
familylinks_str_mv	(DE-627)1665781963 (DE-600)2972364-4
normlinkwithrole_str_mv	(DE-588)1155311159@@aut@@ (DE-588)170461688@@aut@@ (DE-588)139319263@@aut@@
title	How mutual funds respond to asymmetric feedback trading in China’s stock market
ctrlnum	(DE-627)1897328583 (DE-599)KXP1897328583
title_full	How mutual funds respond to asymmetric feedback trading in China’s stock market Die Wan, Li Yang, Xiaoguang Yang
author_sort	Wan, Die
journal	Journal of management science and engineering
journalStr	Journal of management science and engineering
callnumber-first-code	-
lang_code	eng
isOA_bool	true
recordtype	marc
publishDateSort	2024
contenttype_str_mv	txt
container_start_page	143
author_browse	Wan, Die Li, Yang Yang, Xiaoguang
selectkey	26:x 2403:l
container_volume	9
format_se	Elektronische Aufsätze
author-letter	Wan, Die
doi_str_mv	10.1016/j.jmse.2024.01.001
normlink	1155311159 1016722192 501534024 170461688 060555211 131347322 139319263 609579347 311190774
normlink_prefix_str_mv	(DE-588)1155311159 (DE-627)1016722192 (DE-576)501534024 (DE-588)170461688 (DE-627)060555211 (DE-576)131347322 (DE-588)139319263 (DE-627)609579347 (DE-576)311190774
author2-role	verfasserin
title_sort	how mutual funds respond to asymmetric feedback trading in china’s stock market
title_auth	How mutual funds respond to asymmetric feedback trading in China’s stock market
abstract	Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market.
abstractGer	Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market.
abstract_unstemmed	Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market.
collection_details	GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2050 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 ISIL_DE-LFER
container_issue	2
title_short	How mutual funds respond to asymmetric feedback trading in China’s stock market
url	https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf https://doi.org/10.1016/j.jmse.2024.01.001
ausleihindikator_str_mv	26 2403:n
rolewithnormlink_str_mv	@@aut@@(DE-588)1155311159 @@aut@@(DE-588)170461688 @@aut@@(DE-588)139319263
remote_bool	true
author2	Li, Yang Yang, Xiaoguang
author2Str	Li, Yang Yang, Xiaoguang
ppnlink	1665781963
GND_str_mv	Wan Die Die, Wang Wan, Die Li Yang Yang, Li Li, Yang Yang Xiaoguang Xiaoguang, Yang Yang, Xiaoguang
GND_txt_mv	Wan Die Die, Wang Wan, Die Li Yang Yang, Li Li, Yang Yang Xiaoguang Xiaoguang, Yang Yang, Xiaoguang
GND_txtF_mv	Wan Die Die, Wang Wan, Die Li Yang Yang, Li Li, Yang Yang Xiaoguang Xiaoguang, Yang Yang, Xiaoguang
mediatype_str_mv	c
isOA_txt	true
hochschulschrift_bool	false
doi_str	10.1016/j.jmse.2024.01.001
callnumber-a	--%%--
up_date	2024-08-17T03:27:09.863Z
_version_	1807603707269873664
fullrecord_marcxml	<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000naa a2200265 4500</leader><controlfield tag="001">1897328583</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20240801103508.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">240801s2024 xx \|\|\|\|\|o 00\| \|\|eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1016/j.jmse.2024.01.001</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)1897328583</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KXP1897328583</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Wan, Die</subfield><subfield code="e">verfasserin</subfield><subfield code="0">(DE-588)1155311159</subfield><subfield code="0">(DE-627)1016722192</subfield><subfield code="0">(DE-576)501534024</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">How mutual funds respond to asymmetric feedback trading in China’s stock market</subfield><subfield code="c">Die Wan, Li Yang, Xiaoguang Yang</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2024</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="506" ind1="0" ind2=" "><subfield code="q">DE-206</subfield><subfield code="a">Open Access</subfield><subfield code="e">Controlled Vocabulary for Access Rights</subfield><subfield code="u">http://purl.org/coar/access_right/c_abf2</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Previous studies show that individual investors play a dominant role in China's stock market. Their behavior of chasing-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares when asymmetric feedback trading of the relevant stock gets more intense. This negative relationship is robust after controlling past returns, turnover rates, and firm risk factors, moreover, it attenuates when the market sentiment is bullish or when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading does not make excess return but leads to significant risk reduction. Our findings may be related to uncertainty associated with asymmetric feedback trading, and thus support the limit market participation theory from the second largest stock market.</subfield></datafield><datafield tag="540" ind1=" " ind2=" "><subfield code="q">DE-206</subfield><subfield code="a">Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International</subfield><subfield code="f">CC BY-NC-ND 4.0</subfield><subfield code="2">cc</subfield><subfield code="u">https://creativecommons.org/licenses/by-nc-nd/4.0/</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Asymmetric feedback trading</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Market sentiment</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Mutual fund shareholdings</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Short selling</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Uncertainty</subfield><subfield code="7">(dpeaa)DE-206</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Li, Yang</subfield><subfield code="e">verfasserin</subfield><subfield code="0">(DE-588)170461688</subfield><subfield code="0">(DE-627)060555211</subfield><subfield code="0">(DE-576)131347322</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Yang, Xiaoguang</subfield><subfield code="e">verfasserin</subfield><subfield code="0">(DE-588)139319263</subfield><subfield code="0">(DE-627)609579347</subfield><subfield code="0">(DE-576)311190774</subfield><subfield code="4">aut</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Enthalten in</subfield><subfield code="t">Journal of management science and engineering</subfield><subfield code="d">Amsterdam : Elsevier, 2016</subfield><subfield code="g">9(2024), 2 vom: Juni, Seite 143-160</subfield><subfield code="h">Online-Ressource</subfield><subfield code="w">(DE-627)1665781963</subfield><subfield code="w">(DE-600)2972364-4</subfield><subfield code="x">2589-5532</subfield><subfield code="7">nnns</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:9</subfield><subfield code="g">year:2024</subfield><subfield code="g">number:2</subfield><subfield code="g">month:06</subfield><subfield code="g">pages:143-160</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1016/j.jmse.2024.01.001</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">kostenfrei</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_USEFLAG_U</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_26</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ISIL_DE-206</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SYSFLAG_1</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_KXP</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_20</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_22</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_23</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_24</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_31</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_39</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_40</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_60</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_62</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_63</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_65</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_69</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_70</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_73</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_95</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_105</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_110</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_151</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_161</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_170</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_206</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_213</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_230</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_285</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_293</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_370</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_602</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2014</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2050</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4012</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4037</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4112</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4125</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4126</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4249</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4305</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4306</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4307</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4313</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4322</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4323</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4324</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4325</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4326</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4335</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4338</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4367</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2403</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2403</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ISIL_DE-LFER</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">9</subfield><subfield code="j">2024</subfield><subfield code="e">2</subfield><subfield code="c">6</subfield><subfield code="h">143-160</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4561491473</subfield><subfield code="y">x1z</subfield><subfield code="z">01-08-24</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="b">4567142403</subfield><subfield code="c">00</subfield><subfield code="f">--%%--</subfield><subfield code="d">--%%--</subfield><subfield code="e">n</subfield><subfield code="j">--%%--</subfield><subfield code="y">l01</subfield><subfield code="z">16-08-24</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://doi.org/10.1016/j.jmse.2024.01.001</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://www.sciencedirect.com/science/article/pii/S2096232024000027/pdfft?md5=f42fdd78ee0bdc29e6ab1ac284f5672c&pid=1-s2.0-S2096232024000027-main.pdf</subfield></datafield></record></collection>
score	7.1669703

Nicht das Richtige dabei?

Schreiben Sie uns!

How mutual funds respond to asymmetric feedback trading in China’s stock market

Nicht das Richtige dabei?

Zugang & Verfügbarkeit

Vorhandene Bände

Nicht das Richtige dabei?