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Author(s): Ferreira, M. A.
Keswani, A.
Miguel, A. F.
Ramos, S. B.
Date: Jun-2012
Title: The flow-performance relationship around the world
Volume: 36
Number: 6
Pages: 1759-1780
ISSN: 0378-4266
Keywords: Mutual funds
Flow-performance relationship
Mutual fund flows
Abstract: We use a new dataset to study how mutual fund flows depend on past performance across 28 countries. We show that there are marked differences in the flow-performance relationship across countries, suggesting that US findings concerning its shape do not apply universally. We find that mutual fund investors sell losers more and buy winners less in more developed countries. This is because investors in more developed countries are more sophisticated and face lower costs of participating in the mutual fund industry. Higher country-level convexity is positively associated with higher levels of risk taking by fund managers.
Peerreviewed: Sim
Access type: Embargoed Access
Appears in Collections:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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