The flow-performance relationship around the world

Bibliographic Details
Main Author: Ferreira, M. A.
Publication Date: 2012
Other Authors: Keswani, A., Miguel, A. F., Ramos, S. B.
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: https://ciencia.iscte-iul.pt/public/pub/id/14216
http://hdl.handle.net/10071/7036
Summary: 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.
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spelling The flow-performance relationship around the worldMutual fundsFlow-performance relationshipMutual fund flowsConvexityWe 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.Elsevier2014-05-02T10:08:27Z2012-06-01T00:00:00Z2012-062014-05-02T10:06:35Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://ciencia.iscte-iul.pt/public/pub/id/14216http://hdl.handle.net/10071/7036eng0378-4266Ferreira, M. A.Keswani, A.Miguel, A. F.Ramos, S. B.info:eu-repo/semantics/embargoedAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2024-07-07T02:45:37Zoai:repositorio.iscte-iul.pt:10071/7036Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T18:06:25.750943Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv The flow-performance relationship around the world
title The flow-performance relationship around the world
spellingShingle The flow-performance relationship around the world
Ferreira, M. A.
Mutual funds
Flow-performance relationship
Mutual fund flows
Convexity
title_short The flow-performance relationship around the world
title_full The flow-performance relationship around the world
title_fullStr The flow-performance relationship around the world
title_full_unstemmed The flow-performance relationship around the world
title_sort The flow-performance relationship around the world
author Ferreira, M. A.
author_facet Ferreira, M. A.
Keswani, A.
Miguel, A. F.
Ramos, S. B.
author_role author
author2 Keswani, A.
Miguel, A. F.
Ramos, S. B.
author2_role author
author
author
dc.contributor.author.fl_str_mv Ferreira, M. A.
Keswani, A.
Miguel, A. F.
Ramos, S. B.
dc.subject.por.fl_str_mv Mutual funds
Flow-performance relationship
Mutual fund flows
Convexity
topic Mutual funds
Flow-performance relationship
Mutual fund flows
Convexity
description 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.
publishDate 2012
dc.date.none.fl_str_mv 2012-06-01T00:00:00Z
2012-06
2014-05-02T10:08:27Z
2014-05-02T10:06:35Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://ciencia.iscte-iul.pt/public/pub/id/14216
http://hdl.handle.net/10071/7036
url https://ciencia.iscte-iul.pt/public/pub/id/14216
http://hdl.handle.net/10071/7036
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0378-4266
dc.rights.driver.fl_str_mv info:eu-repo/semantics/embargoedAccess
eu_rights_str_mv embargoedAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
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instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
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