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Criterios de decisión de inversión en fondos monetarios


  • Andreu, Laura

    (Universidad de Zaragoza)

  • Ortiz, Cristina

    (Universidad de Zaragoza)

  • Sarto, José Luis

    (Facultad de Ciencias Económicas, Universidad de Zaragoza)


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.

Suggested Citation

  • Andreu, Laura & Ortiz, Cristina & Sarto, José Luis, 2010. "Criterios de decisión de inversión en fondos monetarios," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(308), pages 873-898, octubre-d.
  • Handle: RePEc:elt:journl:v:77:y:2010:i:308:p:873-898 DOI:

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    References listed on IDEAS

    1. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 379-408.
    2. Carmen M. Reinhart, 2000. "Mirage of Floating Exchange Rates," American Economic Review, American Economic Association, vol. 90(2), pages 65-70, May.
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    More about this item


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

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors


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