NAV Inflation and Impact on Performance in China

Shackleton, Mark Broughton and Yan, Jiali and Yao, Yaqiong (2018) NAV Inflation and Impact on Performance in China. European Financial Management. ISSN 1354-7798

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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.

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. 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.
Uncontrolled Keywords: /dk/atira/pure/subjectarea/asjc/1400/1402
Subjects:
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 128402
Deposited By: ep_importer_pure
Deposited On: 19 Oct 2018 10:14
Refereed?: Yes
Published?: Published
Last Modified: 01 Oct 2019 02:22
URI: https://eprints.lancs.ac.uk/id/eprint/128402

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