| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5089911 | Journal of Banking & Finance | 2012 | 22 Pages |
Abstract
⺠We study how mutual fund flows depend on past performance across 28 countries. ⺠We find marked differences in the flow-performance relationship across countries. ⺠Investors sell losers more and buy winners less in more developed countries. ⺠Investors' sophistication and participation costs explain differences in convexity. ⺠Country-level convexity is positively associated with risk taking by fund managers.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Miguel A. Ferreira, Aneel Keswani, Antonio F. Miguel, Sofia B. Ramos,