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Primary Article

What Stocks Appeal to Institutional Investors?

Chenchuramaiah T. Bathala, Christopher K. Ma and Ramesh P. Rao
The Journal of Investing Spring 2005, 14 (1) 14-23; DOI: https://doi.org/10.3905/joi.2005.479385
Chenchuramaiah T. Bathala
A professor of finance in the Nance College of Business Administration at Cleveland State University in Cleveland, OH.
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  • For correspondence: c.bathala@csuohio.edu
Christopher K. Ma
Roland and Sarah George chair of investments in the School of Business Administration at Stetson University in De Land, FL, and president of KCM Asset Management.
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  • For correspondence: kcma@stetson.edu
Ramesh P. Rao
Holds the Paul C. Wise chair in finance in the College of Business Administration at Oklahoma State University in Stillwater, OK.
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  • For correspondence: rramesh@okstate.edu
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Abstract

Mutual fund classifications are a tool for defining fund characteristics for marketing and comparison purposes. If fund managers can manipulate the characteristics of mutual fund portfolios for financial incentives, they may convey confusing signals that encourage investors to select funds not appropriate to their needs. Analysis of a database of Spanish mutual funds to see whether funds in the same category are comparable and whether funds in different categories are indeed different shows that 33% of funds are misclassified. This result demonstrates the weaknesses of current classification systems in providing a reliable reference for fund evaluation and selection.

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What Stocks Appeal to Institutional Investors?
Chenchuramaiah T. Bathala, Christopher K. Ma, Ramesh P. Rao
The Journal of Investing Feb 2005, 14 (1) 14-23; DOI: 10.3905/joi.2005.479385

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What Stocks Appeal to Institutional Investors?
Chenchuramaiah T. Bathala, Christopher K. Ma, Ramesh P. Rao
The Journal of Investing Feb 2005, 14 (1) 14-23; DOI: 10.3905/joi.2005.479385
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