The influence of performance on the flows into Spanish equity funds

Luis Ferruz, Cristina Ortiz and Sarto, Jose? L.

Applied Financial Economics Letters, 2006, vol. 2, issue 1, pages 19-23

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.

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