The benchmark discrepancy phenomenon arises when fund managers deviate from their stated benchmarks. We investigate benchmark discrepancy in China's mutual fund market by analyzing holdings data from all actively managed funds and document its widespread prevalence. However, in China – unlike in the U.S. – benchmark discrepancy reduces relative performance and capital inflows. We also examine the characteristics of fund managers exhibiting benchmark discrepancies and find they are more likely to be male, highly educated, and professionally experienced.
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