We identified the relationship between purchase and redemption behavior of flow-return and flow-fund characteristics within different group investors by using Quantile regression, we found that insured investors have reflect better performance than non-insured investor in our study. However,...

This study aims to examine whether funds with illiquid assets exhibit stronger sensitivity of redemption outflows to bad past performance than funds with liquid assets. An important aspect of our study is whether large outflows should damage future fund performance in illiquid funds more than in...