Decisions of domestic equity fund investors: determinants and search costs

Luis Ferruz, Cristina Ortiz and Jose Sarto

Applied Financial Economics, 2009, vol. 19, issue 16, 1295-1304

Abstract: In the present study, we confirm the asymmetry of the performance-flow relationship documented in the literature, but with the particularities of the sample of Spanish funds. Thus, we conclude that mid-performers show no significant influence on investor decisions. The panel data analysis also allows us to conclude that custodial and management fees and the size of the fund have a negative impact on the flows into funds. Empirical evidence is provided on the differential response of investors to the decision factors depending on the market states.

Date: 2009
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DOI: 10.1080/09603100802584862

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