The flow-performance relationship around the world

Detalhes bibliográficos
Autor(a) principal: Ferreira, Miguel A.
Data de Publicação: 2012
Outros Autores: Keswani, Aneel, Miguel, Antonio F., Ramos, Sofia B.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/16053
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.
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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.Journal of Banking & FinanceRUNFerreira, Miguel A.Keswani, AneelMiguel, Antonio F.Ramos, Sofia B.2015-12-05T10:50:09Z20122012-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/16053engThis is a pre-copyedited, author-produced PDF of an article accepted for publication in Journal of Banking & Finance following peer review. The version of record Miguel A. Ferreira, Aneel Keswani, Antonio F. Miguel, and Sofia B. Ramos. 2012. “The Flow-Performance Relationship around the World.” Journal of Banking & Finance 36 (6): 1759–80. doi:10.1016/j.jbankfin.2012.01.019 is available at http://www.sciencedirect.com/science/article/pii/S037842661200034910.1016/j.jbankfin.2012.01.019info: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:RCAAP2024-03-11T03:52:34Zoai:run.unl.pt:10362/16053Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:22:58.538099Repositório 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 The flow-performance relationship around the world
title The flow-performance relationship around the world
spellingShingle The flow-performance relationship around the world
Ferreira, Miguel 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, Miguel A.
author_facet Ferreira, Miguel A.
Keswani, Aneel
Miguel, Antonio F.
Ramos, Sofia B.
author_role author
author2 Keswani, Aneel
Miguel, Antonio F.
Ramos, Sofia B.
author2_role author
author
author
dc.contributor.none.fl_str_mv RUN
dc.contributor.author.fl_str_mv Ferreira, Miguel A.
Keswani, Aneel
Miguel, Antonio F.
Ramos, Sofia 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
2012-01-01T00:00:00Z
2015-12-05T10:50:09Z
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 http://hdl.handle.net/10362/16053
url http://hdl.handle.net/10362/16053
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv This is a pre-copyedited, author-produced PDF of an article accepted for publication in Journal of Banking & Finance following peer review. The version of record Miguel A. Ferreira, Aneel Keswani, Antonio F. Miguel, and Sofia B. Ramos. 2012. “The Flow-Performance Relationship around the World.” Journal of Banking & Finance 36 (6): 1759–80. doi:10.1016/j.jbankfin.2012.01.019 is available at http://www.sciencedirect.com/science/article/pii/S0378426612000349
10.1016/j.jbankfin.2012.01.019
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Journal of Banking & Finance
publisher.none.fl_str_mv Journal of Banking & Finance
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
institution RCAAP
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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