Mutual Fund Shareholder Letters: Flows, Performance, and Managerial Behavior

The authors thank Darwin Choi (discussant), Tim Loughran, Nic Schaub (discussant), Laura T. Starks (discussant), and seminar participants at the 2014 European Finance Association meetings, the 2014 Asset Management Conference of Humboldt University and European School of Management and Technology, the 2015 Colloquium on Financial Markets of the University of Cologne, the 2015 European Retail Investor Conference, the 2015 Financial Management Association meetings, the 2016 Research in Behavioral Finance Conference Amsterdam, the 2016 Annual Meeting of the German Finance Association, the 2017 WU Gutmann Center Symposium, the meeting of the Deutsche Forschungsgemeinschaft Network Textual Analysis in Economics and Finance, the Goethe University Frankfurt, the Technical University of Munich, the University of Hanover, the University of Mannheim, the University of Piraeus, the University of Zurich, and the WHU – Otto Beisheim School of Management for helpful comments. Alexander Hillert gratefully acknowledges research support from the Leibniz Institute for Financial Research SAFE. All errors are the authors’.