Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence

Detalhes bibliográficos
Autor(a) principal: Liu Xiayue
Data de Publicação: 2018
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10071/17359
Resumo: In this paper, we use data from 34 countries around the world to study the shape of the flow-performance relationship. More particularly, we study the impact of fund family size on the flow-performance sensitivity. We use mutual fund industry development variables and financial development variables as proxies for investor‟s sophistication in order to explain differences in how mutual fund investors react to fund's past performance when these belong to large fund families. The results show that, in more sophisticated markets, investors react more to past performance when funds belong to large fund families by selling more bottom performers and buying less top performers.
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spelling Explaining the impact of mutual fund family size on the flowperformance relationship: international evidenceEquity mutual fundsFlow-performance relationshipFund family sizeInvestor sophisticationFinançasFundos de investimentoFluxos monetáriosMercado financeiroPerformanceInvestidoresIn this paper, we use data from 34 countries around the world to study the shape of the flow-performance relationship. More particularly, we study the impact of fund family size on the flow-performance sensitivity. We use mutual fund industry development variables and financial development variables as proxies for investor‟s sophistication in order to explain differences in how mutual fund investors react to fund's past performance when these belong to large fund families. The results show that, in more sophisticated markets, investors react more to past performance when funds belong to large fund families by selling more bottom performers and buying less top performers.Neste estudo, usamos dados de 34 países em todo o mundo para estudar a sensibilidade dos fluxos monetários à performance dos fundos de investimento. Mais particularmente, estudamos o impacto de o fundo pertencer a uma família de maior dimensão, medida pelos seus ativos líquidos, na sensibilidade dos investidores à sua performance passada. Usamos variáveis de desenvolvimento da indústria de fundos de investimento e variáveis de desenvolvimento dos mercados financeiros como indicadores para a sofisticação dos investidores, tendo como objetivo explicar as diferenças na forma como estes reagem ao desempenho histórico do fundo, quando este pertence a famílias com mais ativos. Os resultados mostram que, em mercados mais desenvolvidos, os investidores reagem mais à performance se os fundos pertencerem a grandes famílias, desinvestindo mais se o desempenho do fundo for baixo e investindo menos quando é elevada.2019-02-19T12:39:34Z2018-09-20T00:00:00Z2018-09-202018-07info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/17359TID:201981068engLiu Xiayueinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:46:55Zoai:repositorio.iscte-iul.pt:10071/17359Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:22:41.124146Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence
title Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence
spellingShingle Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence
Liu Xiayue
Equity mutual funds
Flow-performance relationship
Fund family size
Investor sophistication
Finanças
Fundos de investimento
Fluxos monetários
Mercado financeiro
Performance
Investidores
title_short Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence
title_full Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence
title_fullStr Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence
title_full_unstemmed Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence
title_sort Explaining the impact of mutual fund family size on the flowperformance relationship: international evidence
author Liu Xiayue
author_facet Liu Xiayue
author_role author
dc.contributor.author.fl_str_mv Liu Xiayue
dc.subject.por.fl_str_mv Equity mutual funds
Flow-performance relationship
Fund family size
Investor sophistication
Finanças
Fundos de investimento
Fluxos monetários
Mercado financeiro
Performance
Investidores
topic Equity mutual funds
Flow-performance relationship
Fund family size
Investor sophistication
Finanças
Fundos de investimento
Fluxos monetários
Mercado financeiro
Performance
Investidores
description In this paper, we use data from 34 countries around the world to study the shape of the flow-performance relationship. More particularly, we study the impact of fund family size on the flow-performance sensitivity. We use mutual fund industry development variables and financial development variables as proxies for investor‟s sophistication in order to explain differences in how mutual fund investors react to fund's past performance when these belong to large fund families. The results show that, in more sophisticated markets, investors react more to past performance when funds belong to large fund families by selling more bottom performers and buying less top performers.
publishDate 2018
dc.date.none.fl_str_mv 2018-09-20T00:00:00Z
2018-09-20
2018-07
2019-02-19T12:39:34Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10071/17359
TID:201981068
url http://hdl.handle.net/10071/17359
identifier_str_mv TID:201981068
dc.language.iso.fl_str_mv eng
language eng
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application/octet-stream
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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