This study assesses the effect of fund-level and systemic factors on performance mutual funds in context changing market conditions. A Markov regime-switching model is used to analyze 33 South African equity from 2006 2019. From results, fund flow size exert more predictive influences bearish state than bullish state. Fund age, risk, risk were found be most significant driving active portfolios...

This paper empirically investigates the performance of market-timing strategies effectively used by investors in Emerging Markets (EMs). We identify short-term determinants mutual fund flows into EM equity and fixed income, finding a well-established flow-performance relation. Hence, we verify whether make good timing decisions with statistic hereafter referred to as “performance gap”. find tha...

This study presents a novel way to interpret the effects of investor attention on mutual fund flow and performance, by using Google Trends. Google Trends is an internet service that shows the aggregated search volumes on specific keywords. Based on its nature as being representative of investors’ search frequency, Google Trends acts as a direct measure for investor attention. The paper then see...