Investors Do Respond to Poor Mutual Fund Performance: Evidence from Inflows and Outflows

被引：26

作者：

Cashman, George ^{[1
]}

Deli, Daniel ^{[2
]}

Nardari, Federico ^{[3
]}

Villupuram, Sriram ^{[4
]}

机构：

[1] Texas Tech Univ, Lubbock, TX 79409 USA

[2] Depaul Univ, Chicago, IL 60604 USA

[3] Univ Houston, Houston, TX 77004 USA

[4] Colorado State Univ, Coll Business, Dept Finance & Real Estate, 1272 Campus Delivery, Ft Collins, CO 80523 USA

来源：

FINANCIAL REVIEW | 2012年 / 47卷 / 04期

关键词：

mutual funds; performance flow relation; mutual fund flows;

D O I：

10.1111/j.1540-6288.2012.00346.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the relation between mutual fund performance and gross flows for a large sample of actively managed U.S. mutual funds. Unlike previous studies that have only examined periods of generally increasing net flows, our sample includes periods of both increasing and decreasing net flows. We find that outflows are related to performance, with investors withdrawing money from poor performers. We also find that outflows and inflows respond asymmetrically to performance, outflows increase more aggressively following poor performance, and inflows increase more aggressively following good performance. Additionally, we find a symmetric performance net flow relation.

引用

页码：719 / 739

页数：21

共 27 条

[1] Do after-tax returns affect mutual fund inflows? [J].