This paper investigates how cyclical variables drive net aggregate fund flows towards emerging markets (EMs). Through the aggregation of net flows of all open-end dedicated funds, the analysis finds that flows in equity and fixed income are driven by recent past performance in both developed and...

This paper empirically investigates the performance of market-timing strategies effectively used by investors in Emerging Markets (EMs). We identify short-term determinants of mutual fund flows into EM equity and fixed income, finding a well-established flow-performance relation. Hence, we...