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Wedemonstratethatwecansatisfy.Bothcriteriaifweimplementthemethodusingmutual.Fund data.Undertheassumptionthataparticularasset.Pricing modelholds weusethemaininsightfrom Berkand,,Green (2004) to showthatpositive (negative abnormal.)Returnrealizationsinamutualfundinvestmentmustbe.Associatedwithpositivenetpresentvaluebuying (selling).Opportunities. Wethenmeasureinvestorreactionstothese.Opportunities byobservingthesubsequentcapital flowinto.(out of) mutualfunds.
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