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In this paper, we examine and compare the form of the flow-performance relationship for U.S. retail and institutional mutual funds. We provide evidence that the convex form of the flow-performance function documented by previous research characterizes mostly the relationship in the upper region...
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Purpose: I investigate the dynamics of mutual fund investment flows across the business cycle. To account for the differences in the flow patterns of funds catered for institutional investors and those focusing on retail investors, I conduct my investigation separately for flows of institutional...
Persistent link: https://www.econbiz.de/10012955898
In this study, I compare the fund selection criteria used by investors in retail mutual funds with the criteria of investors in institutional mutual funds. I show several differences in investment flow patterns between retail and institutional funds, which are consistent with differences in...
Persistent link: https://www.econbiz.de/10012970713
This paper compares the fund selection criteria used by investors in retail mutual funds with the criteria of investors in institutional mutual funds. I find that, compared with investors of retail mutual funds, clients of institutional mutual funds use more quantitatively sophisticated criteria...
Persistent link: https://www.econbiz.de/10013008027
This paper compares the fund selection criteria used by investors in retail mutual funds with the criteria of investors in institutional mutual funds. We find that, compared with investors of retail mutual funds, clients of institutional mutual funds use more quantitatively sophisticated...
Persistent link: https://www.econbiz.de/10013035326
Do sophisticated investors exhibit a stronger “smart money” effect than unsophisticated ones? In this paper, I examine whether fund selection ability of institutional mutual fund investors is better than that of retail mutual fund investors. In line with the studies of Gruber (1996), Zheng...
Persistent link: https://www.econbiz.de/10013109304