English, Article, Journal or magazine article edition: Mutual fund flows’ performance reaction: does convexity apply to small markets? Carlos F. Alves; Victor Mendes

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Bookmark: http://trove.nla.gov.au/version/182415
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Mutual fund flows’ performance reaction: does convexity apply to small markets?
Author
  • Carlos F. Alves
  • Victor Mendes
Physical Description
  • preprint
Notes
  • In this paper we study the performance reaction of investors in a small market context. Instead of the asymmetrical investors’ reaction to winners and losers, as usually documented for the US, an absence of risk-adjusted performance reaction was observed. The absence of reaction can be attributed to either lower investor sophistication, conflicts of interests in the context of the Portuguese universal banking industry, or the existence of relevant back-end load cost which prevent investors from reacting. A high persistence of net investment flows was also noted. Our results are consistent with the idea that the financial groups with larger market shares have the capacity “to drive” their customers to funds with larger fees. This practice emerges as a non-transparent means of increasing prices.
  • Mutual Funds, Performance Reaction, Investor Behaviour, Small Markets and Regulation
  • RePEc:por:fepwps:204
Language
  • English
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