Results 141 to 150 of about 4,157 (196)
Information costs and mutual fund flows [PDF]
, 2004 This paper examines how investor and capital flows into mutual funds in the Swedish pension system are related to fund characteristics. Similarly to U.S. studies, we show that individuals chase past returns and have a strong preference for lower-fee funds.
Engström, Stefan, Westerberg, Anna
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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,
Mats Wilhelmsson
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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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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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Mutual fund competition in the presence of dynamic flows
Automatica, 2008zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Michèle Breton +2 more
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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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Machine Learning Mutual Fund Flows
SSRN Electronic JournalWe present improved out-of-sample predictability of future fund flows using state-of-the-art machine learning methods. Nonlinear machine learning models significantly outperform linear models in terms of out-of-sample R-squared. Using interpretable ML methods, we identify past flows and the Morningstar rating as the most important predictors for net ...
Fausch, Jürg +3 more
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Mutual Fund Flows at Long Horizons
SSRN Electronic Journal, 2023<p><a rel="nofollow"></a>We show that positive flows to active mutual funds with high recent returns are partially reversed at longer horizons. This outcome is robust across a broad range of alternative specifications. The reversal is due to greater outflows associated with high prior returns, not reduced inflows ...
Hendrik (Hank) Bessembinder +4 more
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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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