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http://hdl.handle.net/10071/7036
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Title: The flow-performance relationship around the world
Authors: Ferreira, M. A.
Keswani, A.
Miguel, A. F.
Ramos, S. B.
Keywords: Mutual funds
Flow-performance relationship
Mutual fund flows
Convexity
Issue Date: Jun-2012
Publisher: Elsevier
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.
Description: WOS:000303274900014 (Nº de Acesso Web of Science)
“Prémio Científico ISCTE-IUL 2013”
Peer reviewed: Sim
URI: https://ciencia.iscte-iul.pt/public/pub/id/14216
http://hdl.handle.net/10071/7036
ISSN: 0378-4266
Publisher version: The definitive version is available at: http://dx.doi.org/10.1016/j.jbankfin.2012.01.019
Appears in Collections:BRU-RI - Artigo em revista científica internacional com arbitragem científica

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