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Ferreira, Miguel A., Keswani, A., Miguel, A. F. & Ramos, S. B. (2012). The flow-performance relationship around the world. Journal of Banking and Finance. 36 (6), 1759-1780
M. A. Ferreira et al., "The flow-performance relationship around the world", in Journal of Banking and Finance, vol. 36, no. 6, pp. 1759-1780, 2012
@article{ferreira2012_1732202718132, author = "Ferreira, Miguel A. and Keswani, A. and Miguel, A. F. and Ramos, S. B.", title = "The flow-performance relationship around the world", journal = "Journal of Banking and Finance", year = "2012", volume = "36", number = "6", doi = "10.1016/j.jbankfin.2012.01.019", pages = "1759-1780", url = "" }
TY - JOUR TI - The flow-performance relationship around the world T2 - Journal of Banking and Finance VL - 36 IS - 6 AU - Ferreira, Miguel A. AU - Keswani, A. AU - Miguel, A. F. AU - Ramos, S. B. PY - 2012 SP - 1759-1780 SN - 0378-4266 DO - 10.1016/j.jbankfin.2012.01.019 AB - 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. ER -