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The influence of performance on the flows into Spanish equity funds

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Author Info

  • Luis Ferruz
  • Cristina Ortiz
  • Jose? L. Sarto
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    Abstract

    This is a study about how performance influences on the behaviour of investors in Spanish domestic equity funds over an eight-year period. This is a broad timeframe given the relative immaturity of this market when compared to other more developed markets such as the American or English, among others. It is, in this respect, a pioneering and innovative study of the Spanish market. Well-defined behavioural guidelines are found, with results indicating that investors tend to consider the results obtained by funds in a fairly immediate past though they take a relatively broad time before making their decisions.

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    Bibliographic Info

    Article provided by Taylor and Francis Journals in its journal Applied Financial Economics Letters.

    Volume (Year): 2 (2006)
    Issue (Month): 1 (January)
    Pages: 19-23

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    Handle: RePEc:taf:apfelt:v:2:y:2006:i:1:p:19-23

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    References

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    1. Patel, Jayendu & Zeckhauser, Richard & Hendricks, Darryll, 1991. "The Rationality Struggle: Illustrations from Financial Markets," American Economic Review, American Economic Association, vol. 81(2), pages 232-36, May.
    2. Diane Del Guercio & Paula A. Tkac, 2000. "The determinants of the flow of funds of managed portfolios: mutual funds versus pension funds," Working Paper 2000-21, Federal Reserve Bank of Atlanta.
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    Cited by:
    1. Luis Ferruz & Luis Vicente & Laura Andreu, 2009. "Performance persistence and its influence on money and investor flows into Spanish pension plans," Review of Quantitative Finance and Accounting, Springer, vol. 32(1), pages 85-100, January.

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