Berggrun, Luis; Lizarzaburu, Edmundo - In: Journal of Business Research 68 (2015) 2, pp. 199-207
This study analyzes how fund flows react to past performance in the dynamic Brazilian equity fund market over the period from 2001 to 2012. The study also tests for a “smart money” effect (Zheng, 1999), or whether funds that receive more money subsequently outperform those that receive less...