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Flows

In: Asset Allocation Strategies for Mutual Funds

Author

Listed:
  • Giuseppe Galloppo

    (Tuscia University)

Abstract

Flow analysis is a relatively recent methodology, but it is fundamental in understanding of the effect of two processes of dumb money and smart money. Fund flows are dumb money when reallocating across different mutual funds, retail investors reduce their wealth in the long run. Therefore, mutual fund investors are dumb in the sense that their reallocations reduce their wealth on average. The smart-money hypothesis, attributes the positive relation between fund flow and future fund performance to investors’ ability to identify skilled fund managers. The ability of investment funds to generate performance is better identified through the analysis of investment flows, thus, this chapter describes the methodologies suitable for dealing with this task.

Suggested Citation

  • Giuseppe Galloppo, 2021. "Flows," Springer Books, in: Asset Allocation Strategies for Mutual Funds, chapter 0, pages 225-268, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-76128-8_5
    DOI: 10.1007/978-3-030-76128-8_5
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