Comparing performance sensitivity of retail and institutional mutual funds’ investment flows

Mieszko Mazur, Galla Salganik-Shoshan and Maxim Zagonov

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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)
Date: 2017-08
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Citations: View citations in EconPapers (3)

Published in Finance Research Letters, 2017, 22, pp.66-73. ⟨10.1016/j.frl.2016.12.031⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02613697

DOI: 10.1016/j.frl.2016.12.031

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