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Cited by 361

The DOI matches its Crossref record; 30 of the 30 references it cites were found in a registry or an index.

Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds

Carhart, Mark M., Kaniel, Ron, Musto, David K., Reed, Adam V.·2002·The Journal of Finance
DOI 10.1111/1540-6261.00438
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Abstract

We present evidence that fund managers inflate quarter‐end portfolio prices with last‐minute purchases of stocks already held. The magnitude of price inflation ranges from 0.5 percent per year for large‐cap funds to well over 2 percent for small‐cap funds. We find that the cross section of inflation matches the cross section of incentives from the flow/performance relation, that a surge of trading in the quarter's last minutes coincides with a surge in equity prices, and that the inflation is greatest for the stocks held by funds with the most incentive to inflate, controlling for the stocks' size and performance.

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Registry

Crossref · 10.1111/1540-6261.00438

Cites

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Metadata

Authors
Carhart, M. M., Kaniel, R., Musto, D. K., & Reed, A. V.
Venue
The Journal of Finance
Publisher
Wiley
Published
2002-04
Volume
57
Issue
2
Pages
661-693
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/1540-6261.00438
OpenAlex
W2168665401
Cited by
361
References
30
FWCI
15.30
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds. https://app.cochat.ai/papers/10.1111/1540-6261.00438
The paper
Carhart, M. M., Kaniel, R., Musto, D. K., & Reed, A. V. (2002). Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds. The Journal of Finance. https://doi.org/10.1111/1540-6261.00438

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.