Porras Prado, MelissaZambrana, RafaelGomez, Juan Pedro2020-12-022020-12-022020PURE: 14663953PURE UUID: 423e8aad-154c-4503-8b42-601dbd441e53http://hdl.handle.net/10362/108082Mutual fund intermediaries extract valuable information from their clients about their ex-ante investment horizon. Selecting share classes with front- or back-end loads reveals an explicit capital commitment which allows portfolio managers to better anticipate and manage flows. The information embedded in the share class choice of investors helps managers deliver performance by efficiently matching their investment choices to the underlying investment horizon of the retail investor. Mutual fund managers with less capital commitment, hold shares for shorter periods of time, hold more cash, more liquid stocks, and take less advantage of stocks with slow-moving arbitrage opportunities, i.e. fire sale stocks, and R&D intense stocks.1005856engworking paper10.2139/ssrn.3353344https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3353344