Individual investor mutual fund flows

• 成果类型: Article
• 署名作者: Ivkovic, Zoran; Weisbenner, Scott
• 署名单位: Michigan State University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2008.05.003
• 发表日期: 2009
• 页码: 223-237
• 关键词: MUTUAL FUND FLOWS; Individual investor portfolio choice; Tax-motivated trading

摘要

This paper studies the relation between individuals mutual fund flows and fund characteristics, establishing three key results. First, consistent with tax motivations, individual investors are reluctant to sell mutual funds that have appreciated in value and are willing to sell losing funds. Second, individuals pay attention to investment costs as redemption decisions are sensitive to both expense ratios and loads. Third, individuals fund-level inflows and outflows are sensitive to performance, but in different ways. Inflows are related only to relative performance, suggesting that new money chases the best performers in air objective. Outflows are related only to absolute fund performance, the relevant benchmark for taxes. (C) 2009 Elsevier B.V. All rights reserved.