NAV Inflation and Impact on Performance in China

Shackleton, Mark Broughton and Yan, Jiali and Yao, Yaqiong (2020) NAV Inflation and Impact on Performance in China. European Financial Management, 26 (1). pp. 118-142. ISSN 1354-7798

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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.

Item Type:
Journal Article
Journal or Publication Title:
European Financial Management
Additional Information:
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. which has been published in final form at This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.
Uncontrolled Keywords:
?? economics, econometrics and finance(all)accounting ??
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Deposited On:
19 Oct 2018 10:14
Last Modified:
27 Jun 2024 00:12