...Kozo Omori; Tomoki Kitamura Purpose Mutual fund investors assess a fund manager’s skills when allocating their capital. To identify the rationale behind retail investors’ decisions, this study aims to examine the relation between mutual fund flows and abnormal returns (alpha), as well...

... the relationship between abnormal return and repurchase size in repurchase months. Design/methodology/approach – Standard event study methodology is used to detect abnormal return surrounding initiation announcements of repurchase programs. Ibbotson's RATS-methodology and the calendar-time portfolio...