Top Quintile from 2012 through 2014. Only four funds stay in Top Half from 2010 through 2014. Performance Persistence Over Three Consecutive 12-Month Periods Mutual Fund Category Fund Count at Start

-performing funds receive disproportionately more fund flow. (1) (2) (3) (4) (5) VARIABLES All Non-Tax Tax LTF RMF 4th performance quintile 6.1014** 7.4888* 3.3660 2.7113 3.9665 (2.7202) (3.9579) (2.3399

example, the fifth quintile for market capitalization corresponds to large cap stocks. In 7 See, for example, Sebastian and Attaluri (2014) and Cremers et al. (2016). 8 addition, we include the holding

A String of Earnings Increases, Future Earnings Uncertainty, and Firm Fundamentals* Sarayut Rueangsuwan † Kasetsart University, Thailand August 2015 Abstract Prior literature on meeting or beating earnings benchmarks extensively documents that market rewards firms reporting a string of consecutively earnings increases. To date, it is still unclear what an earnings string really means. This paper empirically provides rational explanations for this phenomenon by investigating whether the increment...