Cashflow Timing vs. Discount-Rate Timing: An Examination of Mutual Fund Market-Timing Skills

The authors thank two anonymous referees, as well as Jonathan Berk, Stephen Brown, John Campbell, Philip Dybvig, Roger Edelen, Allaudeen Hameed, Jennifer Huang, Min Kim, Neal Stoughton, Stijn Van Nieuwerburgh, Chengdong Yin, and seminar participants at the Institute of Financial Studies at Southwestern University of Finance and Economics (Chengdu, China), Peking University, the 2016 Finance Down Under Conference, Financial Management Association 2016, American Finance Association 2017, and Asian Finance Association 2017 (Seoul) meetings for valuable comments.