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Decisions of domestic equity fund investors: determinants and search costs

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  • Luis Ferruz
  • Cristina Ortiz
  • Jose Sarto
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    Abstract

    In the present study, we confirm the asymmetry of the performance-flow relationship documented in the literature, but with the particularities of the sample of Spanish funds. Thus, we conclude that mid-performers show no significant influence on investor decisions. The panel data analysis also allows us to conclude that custodial and management fees and the size of the fund have a negative impact on the flows into funds. Empirical evidence is provided on the differential response of investors to the decision factors depending on the market states.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09603100802584862
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    Bibliographic Info

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

    Volume (Year): 19 (2009)
    Issue (Month): 16 ()
    Pages: 1295-1304

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    Handle: RePEc:taf:apfiec:v:19:y:2009:i:16:p:1295-1304

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    Web page: http://www.tandfonline.com/RAFE20

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    Cited by:
    1. Martí Ballester, Carmen Pilar, 2013. "Determinants of equity pension plan flows," Economics Discussion Papers 2013-15, Kiel Institute for the World Economy.
    2. Carmen Pilar Martí Ballester, 2014. "Determinants of equity pension plan flows," Estudios de Economia, University of Chile, Department of Economics, vol. 41(1 Year 20), pages 125-148, June.
    3. Luis Vicente & Cristina Ortiz & Laura Andreu, 2011. "Is the Average Investor Smarter than the Average Euro?," Journal of Financial Services Research, Springer, vol. 40(3), pages 143-161, December.

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