@article {Haslem31, author = {John A. Haslem}, title = {Mutual Funds Win and Investors Lose}, volume = {3}, number = {4}, pages = {31--40}, year = {2013}, doi = {10.3905/jii.2013.3.4.031}, publisher = {Institutional Investor Journals Umbrella}, abstract = {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 {\textquotedblleft}sentiment contrarian behavior;{\textquotedblright} and 4) investor dependence on brokers with agency-conflicted incentives.TOPICS: Mutual fund performance, style investing, manager selection}, issn = {2154-7238}, URL = {https://jii.pm-research.com/content/3/4/31}, eprint = {https://jii.pm-research.com/content/3/4/31.full.pdf}, journal = {The Journal of Beta Investment Strategies} }