Purchase and redemption patterns of US equity mutual funds

被引：2
|
作者：
O'Neal, ES [1 ]
机构：
[1] Wake Forest Univ, Babcock Grad Sch Management, Winston Salem, NC 27109 USA
来源：
FINANCIAL MANAGEMENT | 2004年 / 33卷 / 01期
关键词：
D O I：
暂无
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I decompose net flows into purchase and redemption rates for a sample of equity funds. I find a strong relation between purchase rates and redemption rates indicating a significant clientele of rapid fund traders. I also find that investors punish poor performance with higher redemptions. Over my sample period, index funds display lower redemption rates than do actively managed funds. I find that load fund investors base fund-trading decisions on previous performance to a greater extent than do no-load fund investors. This result suggests that investment advisors and brokers play a significant role in increased mutual fund trading activity.
引用
收藏
页码：63 / 90
页数：28
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