Decisions of domestic equity fund investors: determinants and search costs

In the present study, we confirm the asymmetry of the performance-flow relationship documented in the literature, but with the particularities of the sample of Spanish funds. Thus, we conclude that mid-performers show no significant influence on investor decisions. The panel data analysis also allow...

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Veröffentlicht in:Applied financial economics 2009-08, Vol.19 (16), p.1295-1304
Hauptverfasser: Ferruz, Luis, Ortiz, Cristina, Sarto, José L.
Format: Artikel
Sprache:eng
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Zusammenfassung:In the present study, we confirm the asymmetry of the performance-flow relationship documented in the literature, but with the particularities of the sample of Spanish funds. Thus, we conclude that mid-performers show no significant influence on investor decisions. The panel data analysis also allows us to conclude that custodial and management fees and the size of the fund have a negative impact on the flows into funds. Empirical evidence is provided on the differential response of investors to the decision factors depending on the market states.
ISSN:0960-3107
1466-4305
DOI:10.1080/09603100802584862