Time-varying flow-performance sensitivity and investor sophistication

Steve Nenninger and David Rakowski ()

Journal of Asset Management, 2014, vol. 15, issue 5, No 5, 333-345

Abstract: Abstract We examine how investment advisors guide the decision-making process of mutual fund investor clienteles by comparing the flow-performance sensitivity of no-load funds and the three main classes of load fund shares, conditional on the state of the market and on fund-specific non-linear and asymmetric return patterns. Our results indicate that the association between flows and returns is different across mutual fund share classes and conclusions regarding the simple association between fund flows and performance change when more complex return patterns are incorporated into the analysis.

Keywords: mutual fund share classes; fund flows; fund performance; flow-performance relationship; investor clienteles; broker advice (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://link.springer.com/10.1057/jam.2014.32 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
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:pal:assmgt:v:15:y:2014:i:5:d:10.1057_jam.2014.32

Ordering information: This journal article can be ordered from
http://www.springer.com/finance/journal/41260

DOI: 10.1057/jam.2014.32

Access Statistics for this article

Journal of Asset Management is currently edited by Marielle de Jong and Dan diBartolomeo

More articles in Journal of Asset Management from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().