Advanced Search
MyIDEAS: Login to save this article or follow this journal

Criterios de decisión de inversión en fondos monetarios

Contents:

Author Info

  • Andreu, Laura

    (Universidad de Zaragoza)

  • Ortiz, Cristina

    (Universidad de Zaragoza)

  • Sarto, José Luis

    (Facultad de Ciencias Económicas, Universidad de Zaragoza)

Registered author(s):

    Abstract

    This paper investigates the determinants of investment decisions on Spanish mon- ey market funds. It belongs, therefore, to the growing area of behavioural finance. The study offers a double perspective because it analyses both money and investor flows. The empirical evidence shows that past return is the key factor in fund purchase decisions; whereas risk loses the influence shown in equity funds. Higher fees restrain inflows though their negative impact softens as fees increase. Decision variables such as fund size, management company size or the flow into the category are also included in our analysis. In view of the analysis of different subsamples, we conclude that it is important to distinguish market states and domestic fund industries considering their specific features.// Este artículo investiga las variables que determinan la elección de inversión en fondos monetarios españoles. Se enmarca, por tanto, en la incipiente disciplina de finanzas del comportamiento. El estudio ofrece una doble perspectiva al analizar los flujos de dinero y los flujos de partícipes. La evidencia empírica apunta a la rentabilidad pasada como clave en la toma de decisiones, mientras que el riesgo pierde el interés que había demostrado en otro tipo de fondos de inversión. Las mayores comisiones frenan la entrada de las inversiones aunque su efecto se amortigua conforme éstas aumentan. Se incluyen además otras variables de decisión, como el tamaño del fondo, el tamaño de la gestora o el crecimiento conjunto de la categoría de inversión. Los diferentes resultados obtenidos según el periodo de expansión o consolidación de la industria española de fondos, así como del momento coyuntural de los mercados, ponen de manifiesto la necesidad de estudios específicos de las industrias nacionales con sus características propias.

    Download Info

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below under "Related research" whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Bibliographic Info

    Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

    Volume (Year): LXXVII (4) (2010)
    Issue (Month): 308 (octubre-diciembre)
    Pages: 873-898

    as in new window
    Handle: RePEc:elt:journl:v:77:y:2010:i:308:p:873-898

    Contact details of provider:
    Web page: http://www.fondodeculturaeconomica.com/

    Order Information:
    Postal: Order print issues directly in our web page or with Guadalupe Galicia at Fondo de Cultura Económica, El Trimestre Económico, Carretera Picacho Ajusco 227, 6° piso,Col. Bosques del Pedregal, CP 14738, Tlalpan, Distrito Federal, México
    Email:
    Web: http://www.eltrimestreeconomico.com/

    Related research

    Keywords: fondo de inversión; fondos monetarios; flujos de inversión; análisis multivariante; costos de búsqueda;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:elt:journl:v:77:y:2010:i:308:p:873-898. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rosa María González Mejía).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.