Mutual Fund Flows and Benchmark Portfolio Returns

Joakim Kvamvold
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Joakim Kvamvold: Department of Economics, Norwegian University of Science and Technology, Dragvoll, N-7491 Trondheim, Norway.

International Journal of Economics and Financial Issues, 2017, vol. 7, issue 2, 236-242

Abstract: I examine trading caused by net flows to mutual funds invested at the Oslo stock exchange. My results show that trading by index-linked mutual funds and actively managed funds are correlated with returns on different segments of the stock exchange. Neither investor sentiment, nor feedback trading explain this correlation. I argue that information cannot explain the results. Hence, I provide evidence that changes in demand matters for stock prices.

Keywords: Mutual Funds; Investment Flows; Portfolio Returns (search for similar items in EconPapers)
JEL-codes: G11 G12 G14 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ1:2017-02-32

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