The measuring of market timing abilities in investment portfolios is a relevant and widely analyzed question. Since the traditional parametric methodology can lead to biased results, we apply the nonparametric approach trying to overcome these biases and compare the results obtained by both...

This paper investigates the determinants of investment decisions on Spanish mon- ey market funds. It belongs, therefore, to the growing area of behavioural finance. The study offers a double perspective because it analyses both money and investor flows. The empirical evidence shows that past...

In this article, we contribute to financial literature on institutional herding behaviour, intertemporal imitation and informational cascades by analysing the changes in the strategic asset allocations of Spanish equity pension plans investing in Eurozone equities. This article is mainly focused...

To our best knowledge, this study conducts the first analysis of the money market fund investors' response to the major Spanish fund company mergers from 1994 to 2004. By using an event date methodology considering three significant moments in the merger process: (1) Public announcement (2)...

The taxation of capital gains realized by European private investors in mutual funds must be analysed in order to detect distortions of competition of this relevant financial industry in the European Union. Using a contingency table methodology in different investment scenes, we detect that...

This is a study about how performance influences on the behaviour of investors in Spanish domestic equity funds over an eight-year period. This is a broad timeframe given the relative immaturity of this market when compared to other more developed markets such as the American or English, among...

This paper builds on the limited body of research on window dressing by bond mutual funds. Our monthly bias-free sample allows us to undertake a more comprehensive study than is possible with the quarterly data traditionally employed in otherwise similar studies. We test window dressing in a...

In this article, we analyse the potential quarterly anomalies of Spanish stock returns. We extend previous studies by analysing the daily Cumulative Abnormal Return (CAR) in the first trading days of a quarter to better understand the behaviour of stocks. Our results show no clear stock return...

In the present study, we confirm the asymmetry of the performance-flow relationship documented in the literature, but with the particularities of the sample of Spanish funds. Thus, we conclude that mid-performers show no significant influence on investor decisions. The panel data analysis also...