Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
958647 | Journal of Empirical Finance | 2009 | 14 Pages |
Abstract
This study simultaneously analyzes the relation between aggregate stock market returns and cash flows (net purchases of equity) from a broad array of investor groups in the United States over a long period of time from 1952 to 2004. We find strong evidence that quarterly flows are autocorrelated for each of the different investor groups. We further document a significant and positive contemporaneous relation between stock market returns and flows of Mutual Funds and Foreign Investors.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Brian Boyer, Lu Zheng,