Dynamic Market Timing in Mutual Funds

The authors thank two anonymous referees, an associate editor, David Sraer (the editor), George Jiang, Honglin Ren, Xiaoyan Zhang, and seminar/conference participants at the 12th International Accounting and Finance Doctoral Symposium, Kent State University, Nanjing University, PBC School of Finance at Tsinghua University, Peking University, Southwestern University of Finance and Economics, and Stevens Institute of Technology for valuable comments and Vivian Fang for sharing the unique permanent security identification number (PERMNO) of stocks associated with the U.S. Securities and Exchange Commission’s first pilot order. Please send correspondence to Ke Wu and Jing Ding.