TY - JOUR T1 - Mutual Funds Win and Investors Lose JF - The Journal of Index Investing SP - 31 LP - 40 DO - 10.3905/jii.2013.3.4.031 VL - 3 IS - 4 AU - John A. Haslem Y1 - 2013/02/28 UR - https://pm-research.com/content/3/4/31.abstract N2 - This study examines the question of why investors continue to buy underperforming actively managed mutual funds. Four approaches to this question are discussed: 1) investor overconfidence; 2) strategic fund repricing decisions; 3) fund “sentiment contrarian behavior;” and 4) investor dependence on brokers with agency-conflicted incentives.TOPICS: Mutual fund performance, style investing, manager selection ER -