Results 141 to 150 of about 173,655 (193)
Mutual Fund Investment Flows in Sweden
Sundström, Karl-Peder, Berggren, Marcus
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SSRN Electronic Journal, 2013
AbstractWe show that many stylized empirical patterns for mutual fund flows are driven by investor sentiment. Specifically, when sentiment is high, investors exhibit a stronger tendency of chasing past fund performance; fund flows are less sensitive to fund expenses; and investors are attracted more to funds with sheer visibility.
George J. Jiang, H. Zafer Yüksel
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AbstractWe show that many stylized empirical patterns for mutual fund flows are driven by investor sentiment. Specifically, when sentiment is high, investors exhibit a stronger tendency of chasing past fund performance; fund flows are less sensitive to fund expenses; and investors are attracted more to funds with sheer visibility.
George J. Jiang, H. Zafer Yüksel
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Investor Learning and Mutual Fund Flows
SSRN Electronic Journal, 2012AbstractThis paper investigates how volatility of performance affects the sensitivity of mutual fund flows to past performance, and examines how investor learning may contribute to this effect. We illustrate theoretically that when sophisticated investors learn from past fund performance to form their posterior expectations of managerial ability, the ...
Jennifer Huang, Kelsey D. Wei, Hong Yan
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Mutual Fund Risk and Market Share Adjusted Fund Flows
SSRN Electronic Journal, 2009Multiple studies have examined the relationship between performance and subsequent fund flows. Prior work takes a fund’s dollar flows divided by its assets under management as the dependent variable. However, individual fund flows have to add up to the aggregate flow in every period. If aggregate flows are high, then on average individual flows will be
Matthew I. Spiegel, Hong Zhang
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Journal of International Financial Markets, Institutions and Money, 2019
Abstract Distinguishing between switches, pre-authorized contributions, systematic withdrawal plans, reinvestments, and distributions, we find that different types of fund flow exhibit distinct characteristics to retail fund flow with respect to fund fees and past performance.
Douglas Cumming +2 more
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Abstract Distinguishing between switches, pre-authorized contributions, systematic withdrawal plans, reinvestments, and distributions, we find that different types of fund flow exhibit distinct characteristics to retail fund flow with respect to fund fees and past performance.
Douglas Cumming +2 more
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International Mutual Fund Flows
SSRN Electronic Journal, 2006The last few decades has witnessed a dramatic growth of U.S. based mutual funds that invest in non-U.S. stock markets. This paper provides a comprehensive analysis of flows into these international mutual funds for 1970-2003. Our analysis uncovers several new facts about mutual fund flows.
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Determinants of mutual fund flows
Managerial Finance, 2015Purpose – The purpose of this paper is to study the determinants of aggregate fund flows to both equity and hybrid mutual funds. The authors test three hypotheses that help explaining the relationship between mutual fund flows and stock market returns, namely; the feedback-trader hypothesis, the price-pressure hypothesis,
Fredrik Kopsch +2 more
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The factor structure of mutual fund flows
International Journal of Portfolio Analysis and Management, 2011Common factors in mutual fund flows explain significant fractions of annual and quarterly flows to individual US mutual funds. The factors are persistent and correlated with financial market conditions and macroeconomic variables. We find evidence that the common factors in investor flows are forward looking, although subject to frictions.
Wayne E. Ferson, Min S. Kim
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Fund Flows, Momentum, and Mutual Fund Performance
The Journal of Investing, 2012Past research has questioned the intelligence of mutual fund investors, where intelligence is defined as the future performance of new cash flows into mutual funds. New mutual fund dollars tend to overwhelmingly flow toward those funds that have recently outperformed their peers. This fact, along with the momentum effect, or persistence in performance,
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Mutual Fund Style Volatility and Fund Flows
SSRN Electronic Journal, 2016Mutual fund managers often follow investment strategies that result in a drift of their investment styles over time. This paper empirically examines whether the behavior of mutual fund investors is affected by this style drift using a comprehensive sample of U.S. actively-managed equity mutual funds from 1985 to 2013.
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