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The influence of performance on the flows into Spanish equity funds

Author

Listed:
  • Luis Ferruz
  • Cristina Ortiz
  • Jose? L. Sarto

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.

Suggested Citation

  • Luis Ferruz & Cristina Ortiz & Jose? L. Sarto, 2006. "The influence of performance on the flows into Spanish equity funds," Applied Financial Economics Letters, Taylor and Francis Journals, vol. 2(1), pages 19-23, January.
  • Handle: RePEc:taf:apfelt:v:2:y:2006:i:1:p:19-23
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    References listed on IDEAS

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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 232-236, May.
    2. Diane Del Guercio & Paula A. Tkac, 2000. "The determinants of the flow of funds of managed portfolios: mutual funds versus pension funds," FRB Atlanta Working Paper 2000-21, Federal Reserve Bank of Atlanta.
    3. J. Sawicki, 2001. "Investors' Differential Response To Managed Fund Performance," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(3), pages 367-384, September.
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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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