PT - JOURNAL ARTICLE AU - John A. Haslem TI - Mutual Funds Win and Investors Lose AID - 10.3905/jii.2013.3.4.031 DP - 2013 Feb 28 TA - The Journal of Index Investing PG - 31--40 VI - 3 IP - 4 4099 - https://pm-research.com/content/3/4/31.short 4100 - https://pm-research.com/content/3/4/31.full AB - 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