Comparing performance sensitivity of retail and institutional mutual funds’ investment flows
•We study the flow-performance function for retail and institutional mutual funds.•The function appears to be convex in the upper region of the return scale.•In the region of the lower performance scale, the function appears to be concave.•The observed convexity of the function is more pronounced fo...
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| Veröffentlicht in: | Finance research letters 2017-08, Vol.22, p.66-73 |
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| container_title | Finance research letters |
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| creator | Mazur, Mieszko Salganik-Shoshan, Galla Zagonov, Maxim |
| description | •We study the flow-performance function for retail and institutional mutual funds.•The function appears to be convex in the upper region of the return scale.•In the region of the lower performance scale, the function appears to be concave.•The observed convexity of the function is more pronounced for retail funds.•The concavity of the function can be mainly attributed to institutional funds.
In this paper, we examine and compare the form of the flow-performance relationship for U.S. retail and institutional mutual funds. We provide evidence that the convex form of the flow-performance function documented by previous research characterizes mostly the relationship in the upper region of the performance scale. In contrast, the flow-performance relationship for the low-performance region appears to be concave. Furthermore, we document that the observed convexity is more pronounced for retail funds, while the concavity can be mainly attributed to institutional funds. |
| doi_str_mv | 10.1016/j.frl.2016.12.031 |
| format | Article |
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In this paper, we examine and compare the form of the flow-performance relationship for U.S. retail and institutional mutual funds. We provide evidence that the convex form of the flow-performance function documented by previous research characterizes mostly the relationship in the upper region of the performance scale. In contrast, the flow-performance relationship for the low-performance region appears to be concave. Furthermore, we document that the observed convexity is more pronounced for retail funds, while the concavity can be mainly attributed to institutional funds.</description><identifier>ISSN: 1544-6123</identifier><identifier>EISSN: 1544-6131</identifier><identifier>DOI: 10.1016/j.frl.2016.12.031</identifier><language>eng</language><publisher>Elsevier Inc</publisher><subject>Business administration ; Flow-performance relationship ; Humanities and Social Sciences ; Institutional funds ; Mutual fund flows ; Performance evaluation ; Retail funds</subject><ispartof>Finance research letters, 2017-08, Vol.22, p.66-73</ispartof><rights>2017 Elsevier Inc.</rights><rights>Distributed under a Creative Commons Attribution 4.0 International License</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c363t-ca0da2bfbb4cc2dc8fd85a5b76b49176940331178c71fbb6669e51f099a32f8d3</citedby><cites>FETCH-LOGICAL-c363t-ca0da2bfbb4cc2dc8fd85a5b76b49176940331178c71fbb6669e51f099a32f8d3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://dx.doi.org/10.1016/j.frl.2016.12.031$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>230,314,780,784,885,3550,27924,27925,45995</link.rule.ids><backlink>$$Uhttps://hal.science/hal-02613697$$DView record in HAL$$Hfree_for_read</backlink></links><search><creatorcontrib>Mazur, Mieszko</creatorcontrib><creatorcontrib>Salganik-Shoshan, Galla</creatorcontrib><creatorcontrib>Zagonov, Maxim</creatorcontrib><title>Comparing performance sensitivity of retail and institutional mutual funds’ investment flows</title><title>Finance research letters</title><description>•We study the flow-performance function for retail and institutional mutual funds.•The function appears to be convex in the upper region of the return scale.•In the region of the lower performance scale, the function appears to be concave.•The observed convexity of the function is more pronounced for retail funds.•The concavity of the function can be mainly attributed to institutional funds.
In this paper, we examine and compare the form of the flow-performance relationship for U.S. retail and institutional mutual funds. We provide evidence that the convex form of the flow-performance function documented by previous research characterizes mostly the relationship in the upper region of the performance scale. In contrast, the flow-performance relationship for the low-performance region appears to be concave. Furthermore, we document that the observed convexity is more pronounced for retail funds, while the concavity can be mainly attributed to institutional funds.</description><subject>Business administration</subject><subject>Flow-performance relationship</subject><subject>Humanities and Social Sciences</subject><subject>Institutional funds</subject><subject>Mutual fund flows</subject><subject>Performance evaluation</subject><subject>Retail funds</subject><issn>1544-6123</issn><issn>1544-6131</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2017</creationdate><recordtype>article</recordtype><recordid>eNp9kE1OwzAQhS0EEqVwAHbZskjw2ImTiFVVAUWqxAa2WI5_wFV-KtsJ6o5rcD1OgquiLlm9p5n3RpoPoWvAGWBgt5vMuDYj0WZAMkzhBM2gyPOUAYXToyf0HF14v8GYlFXJZuhtOXRb4Wz_nmy1M4PrRC914nXvbbCTDbtkMInTQdg2Eb1KbO-DDWOwQy_apBvDGMWMvfI_X99xO2kfOt2HxLTDp79EZ0a0Xl_96Ry9Pty_LFfp-vnxablYp5IyGlIpsBKkMU2TS0mUrIyqClE0JWvyGkpW55hSgLKSJcQQY6zWBRhc14ISUyk6RzeHux-i5VtnO-F2fBCWrxZrvp9hEkGwupwgZuGQlW7w3mlzLADme5h8wyNMvofJgfAIM3buDh0dn5isdtxLqyMpZZ2WgavB_tP-Bfmrf8s</recordid><startdate>20170801</startdate><enddate>20170801</enddate><creator>Mazur, Mieszko</creator><creator>Salganik-Shoshan, Galla</creator><creator>Zagonov, Maxim</creator><general>Elsevier Inc</general><general>Elsevier</general><scope>AAYXX</scope><scope>CITATION</scope><scope>1XC</scope><scope>BXJBU</scope></search><sort><creationdate>20170801</creationdate><title>Comparing performance sensitivity of retail and institutional mutual funds’ investment flows</title><author>Mazur, Mieszko ; Salganik-Shoshan, Galla ; Zagonov, Maxim</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c363t-ca0da2bfbb4cc2dc8fd85a5b76b49176940331178c71fbb6669e51f099a32f8d3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2017</creationdate><topic>Business administration</topic><topic>Flow-performance relationship</topic><topic>Humanities and Social Sciences</topic><topic>Institutional funds</topic><topic>Mutual fund flows</topic><topic>Performance evaluation</topic><topic>Retail funds</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Mazur, Mieszko</creatorcontrib><creatorcontrib>Salganik-Shoshan, Galla</creatorcontrib><creatorcontrib>Zagonov, Maxim</creatorcontrib><collection>CrossRef</collection><collection>Hyper Article en Ligne (HAL)</collection><collection>HAL-SHS: Archive ouverte en Sciences de l'Homme et de la Société</collection><jtitle>Finance research letters</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Mazur, Mieszko</au><au>Salganik-Shoshan, Galla</au><au>Zagonov, Maxim</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Comparing performance sensitivity of retail and institutional mutual funds’ investment flows</atitle><jtitle>Finance research letters</jtitle><date>2017-08-01</date><risdate>2017</risdate><volume>22</volume><spage>66</spage><epage>73</epage><pages>66-73</pages><issn>1544-6123</issn><eissn>1544-6131</eissn><abstract>•We study the flow-performance function for retail and institutional mutual funds.•The function appears to be convex in the upper region of the return scale.•In the region of the lower performance scale, the function appears to be concave.•The observed convexity of the function is more pronounced for retail funds.•The concavity of the function can be mainly attributed to institutional funds.
In this paper, we examine and compare the form of the flow-performance relationship for U.S. retail and institutional mutual funds. We provide evidence that the convex form of the flow-performance function documented by previous research characterizes mostly the relationship in the upper region of the performance scale. In contrast, the flow-performance relationship for the low-performance region appears to be concave. Furthermore, we document that the observed convexity is more pronounced for retail funds, while the concavity can be mainly attributed to institutional funds.</abstract><pub>Elsevier Inc</pub><doi>10.1016/j.frl.2016.12.031</doi><tpages>8</tpages></addata></record> |
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| ispartof | Finance research letters, 2017-08, Vol.22, p.66-73 |
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| language | eng |
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| source | Elsevier ScienceDirect Journals Complete |
| subjects | Business administration Flow-performance relationship Humanities and Social Sciences Institutional funds Mutual fund flows Performance evaluation Retail funds |
| title | Comparing performance sensitivity of retail and institutional mutual funds’ investment flows |
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