Artigo em revista científica Q1
The flow-performance relationship around the world
Miguel Almeida Ferreira (Ferreira, Miguel A.); Aneel Keswani (Keswani, A.); António Miguel (Miguel, A. F.); Sofia Ramos (Ramos, S. B.);
Título Revista
Journal of Banking and Finance
Ano
2012
Língua
Inglês
País
Países Baixos (Holanda)
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Abstract/Resumo
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.
Agradecimentos/Acknowledgements
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Palavras-chave
Mutual funds; Flow-performance relationship; Mutual fund flows; Convexity
  • Economia e Gestão - Ciências Sociais