Qian, Meifen; Xu, Chongbo; Yu, Bin - In: Emerging Markets Finance and Trade 50 (2014) 3, pp. 221-239
In this paper, we assess the relation between fund flow and fund returns in China's open-ended fund industry. Analyzing quarterly data from the period January 2005-December 2012, we construct a simultaneous equation model that captures the endogeneity of current and past returns and flows and...