Costly search and mutual fund flows

• 成果类型: Article
• 署名作者: Sirri, ER; Tufano, P
• 署名单位: Harvard University; U.S. Securities & Exchange Commission (SEC)
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00066
• 发表日期: 1998
• 页码: 1589-1622
• 关键词: performance; persistence; industry; INFORMATION; EFFICIENCY; returns

摘要

This paper studies the flows of funds into and out of equity mutual funds. Consumers base their fund purchase decisions on prior performance information, but do so asymmetrically, investing disproportionately more in funds that performed very well the prior period. Search costs seem to be an important determinant of fund flows. High performance appears to be most salient for funds that exert higher marketing effort, as measured by higher fees. Flows are directly related to the size of the fund's complex as well as the current media attention received by the fund, which lower consumers' search costs.