کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9726007 | 1477961 | 2005 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The dynamics between stock returns and mutual fund flows: empirical evidence from the Greek market
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: The dynamics between stock returns and mutual fund flows: empirical evidence from the Greek market The dynamics between stock returns and mutual fund flows: empirical evidence from the Greek market](/preview/png/9726007.png)
چکیده انگلیسی
This paper examines the interaction between mutual fund flows and stock returns in Greece. Specifically, we investigate the possibility of a causality mechanism through which mutual funds flows may affect stock returns and vice versa. The statistical evidence derived from the error correction model indicates that there is a bidirectional causality between mutual fund flows and stock returns. Cointegration results show that mutual funds flows cause stock returns to rise or fall. This may be explained by the fact that, in Greece, equity mutual funds are obliged by law to invest a certain percentage of their cash in stocks. Thus, inflows and outflows of cash in equity funds seem to cause higher and lower stock returns in Greek stock market.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Financial Analysis - Volume 14, Issue 5, 2005, Pages 559-569
Journal: International Review of Financial Analysis - Volume 14, Issue 5, 2005, Pages 559-569
نویسندگان
Christos Alexakis, Nikitas Niarchos, Theopfano Patra, Sunil Poshakwale,