Return Persistence and Fund Flows in the Worst Performing Mutual Funds
---- Acknowledgements -----
Berk is grateful for financial support from the National Science Foundation (Grant No. 23-3371-00-0-79-092). Part of this work was completed while Tonks was a visiting Houblon-Norman fellow at the Bank of England. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.