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Mutual funds and the U.S. equity market

Author

Listed:
  • Eric M. Engen
  • Andreas Lehnert

Abstract

Mutual funds have become an important intermediary between households and financial markets, especially the equity market. About half of all households have a mutual fund account, and mutual funds hold about one-fifth of household financial assets. Because households have favored equity investments in their mutual fund accounts, mutual funds currently hold about one-fifth of all publicly traded U.S. equities. In addition to discussing the recent growth of mutual funds and their role in household finances, this article analyzes the relationship between households' investment decisions in equity mutual funds and equity market prices.

Suggested Citation

  • Eric M. Engen & Andreas Lehnert, 2000. "Mutual funds and the U.S. equity market," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Dec, pages 797-812.
  • Handle: RePEc:fip:fedgrb:y:2000:i:dec:p:797-812:n:v.86no.12
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2000/1200lead.pdf
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    Cited by:

    1. Bank for International Settlements, 2003. "Incentive structures in institutional asset management and their implications for financial markets," CGFS Papers, Bank for International Settlements, number 21, July.
    2. Cha, Heung-Joo & Kim, Jaebeom, 2010. "Stock returns and investment trust flows in the Japanese financial market: A system approach," Journal of Asian Economics, Elsevier, vol. 21(4), pages 327-332, August.
    3. David Ling & Andy Naranjo, 2006. "Dedicated REIT Mutual Fund Flows and REIT Performance," The Journal of Real Estate Finance and Economics, Springer, vol. 32(4), pages 409-433, June.
    4. repec:eee:corfin:v:47:y:2017:i:c:p:151-173 is not listed on IDEAS
    5. Gary Burtless, 2001. "The Rationale for Fundamental Pension Reform in Germany and the United States: An Assessment," CESifo Working Paper Series 510, CESifo Group Munich.

    More about this item

    Keywords

    Mutual funds ; Capital market ; Stock market;

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