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From taper tantrum to Covid-19: Portfolio flows to emerging markets in periods of stress

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  • Ferriani, Fabrizio

Abstract

We analyze flows to mutual funds investing in emerging markets during five episodes of market turmoil: the taper tantrum, the Chinese sell-off in 2015, the Trump presidential election, the 2018 emerging market sell-off, and the Covid-19 pandemic. We adopt an event-study methodology to show that investors triggered larger-than-expected negative abnormal flows in the aftermath of each event. These abnormal outflows are both statistically and economically significant, as they amount to several times the average net flows as a ratio to fund size. We find that abnormal outflows tend to be larger in the case of ETFs, funds being active for a longer period, and retail-suited funds, while funds with concentrated portfolios or with larger liquidity buffers have proved to be more resilient during a crisis.

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  • Ferriani, Fabrizio, 2021. "From taper tantrum to Covid-19: Portfolio flows to emerging markets in periods of stress," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    • Handle: RePEc:eee:intfin:v:74:y:2021:i:c:s1042443121001086
    DOI: 10.1016/j.intfin.2021.101391
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    More about this item

    Keywords

    Mutual funds; Emerging markets; Stress episodes; Event study; Covid-19;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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