Comparing performance sensitivity of retail and institutional mutual funds’ investment flows
Mieszko Mazur,
Galla Salganik-Shoshan and
Maxim Zagonov
Finance Research Letters, 2017, vol. 22, issue C, 66-73
Abstract:
In this paper, we examine and compare the form of the flow-performance relationship for U.S. retail and institutional mutual funds. We provide evidence that the convex form of the flow-performance function documented by previous research characterizes mostly the relationship in the upper region of the performance scale. In contrast, the flow-performance relationship for the low-performance region appears to be concave. Furthermore, we document that the observed convexity is more pronounced for retail funds, while the concavity can be mainly attributed to institutional funds.
Keywords: Flow-performance relationship; Institutional funds; Retail funds; Mutual fund flows; Performance evaluation (search for similar items in EconPapers)
JEL-codes: G02 G11 G23 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612316302161
Full text for ScienceDirect subscribers only
Related works:
Working Paper: Comparing performance sensitivity of retail and institutional mutual funds’ investment flows (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:22:y:2017:i:c:p:66-73
DOI: 10.1016/j.frl.2016.12.031
Access Statistics for this article
Finance Research Letters is currently edited by R. Gençay
More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().