Decisions of domestic equity fund investors: determinants and search costs
AbstractIn 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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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Applied Financial Economics.
Volume (Year): 19 (2009)
Issue (Month): 16 ()
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Web page: http://www.tandf.co.uk/journals/routledge/09603107.html
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- Martí Ballester, Carmen Pilar, 2013. "Determinants of equity pension plan flows," Economics Discussion Papers 2013-15, Kiel Institute for the World Economy.
- 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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