Abstract
AbstractOur 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.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
