Please use this identifier to cite or link to this item:
http://hdl.handle.net/10071/7036
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 Convexity |
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 |
Files in This Item:
File | Description | Size | Format | |
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Miguel & Ramos 2012 J Bank Fin.pdf Restricted Access | 420,66 kB | Adobe PDF | View/Open Request a copy |
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