Abstract
Using data from 2009 to 2016, we reveal that Chinese mutual fund managers pump and dump some of their top holdings around quarter-ends. Our evidence suggests that the fund managers engage in the manipulation so as to either create a star fund for the fund family or increase their own compensation directly. Besides size and liquidity, the Chinese mutual fund managers also seem to choose some manipulation targets based on factors used in tactical allocation. Our main findings are robust under different regulatory regimes and various market trends.
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