Tests on the Relationship of Fund Performance and Net Fund Flow
نویسنده
چکیده
The relationship between net fund flow and performance of open-end funds was studied in this paper. The empirical tests on the performance and size of open-end funds in China show that the net fund flow of funds is positively correlated with pre-performance of funds, while the performance of funds is negatively correlated with the net fund flow of funds. These empirical studies imply that investors chose funds according to their historical performance, while the growing size decreases the funds’ capability of achieving excellent performance.
منابع مشابه
Volatile market condition and investor clientele effects on mutual fund flow performance relationship ¬リニ
Article history: Received 11 October 2012 Accepted 6 May 2014 Available online 4 June 2014 We analyze mutual fund flow–performance relationship using a novel sample of Chinese mutual funds that trade in a volatile market environment. Consistent with existing literature, we find that the net flow to a fund is positively related to past fund performance. However, the positive flow–performance rel...
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