This study compares a measure of market-share changes with net flows to revisit the fund flow-performance relationship from the viewpoint of the heteroscedasticity of fund flows. We decompose market-share changes (net flows) into inflow and outflow shares and other parts (inflow and outflow) to...

In this paper we examine whether the presence of institutional investors representatives on boards leads to observable differences in corporate finance. We use a panel of 162 quoted Spanish nonfinancial firms from 2004 to 2010. We find that institutional directors have diverse incentives to...

We investigate the relationship between net inflow to mutual bond funds that invest in emerging market economies (EMEs) and the past performance of these funds. Our main finding is that EME bond funds display a convex flow-performance relationship. In other words, past performance is a...