describe the most typical features of capital markets like volatility clustering, excess kurtosis and fat tails. As empirical … evidence shows asymmetry is also a prominent feature of stock market returns volatility. The reaction of risk if stock returns …

emerging markets by providing a comparative analysis of equity and balancedfunds with market-wide volatility. Using a panel … vector autoregressive model, we findthat market volatility increases with increase in equity fund flows. However, it … funds follow the market volatility positively, suggesting positivefeedback trading (momentum) behaviour. On the other hand …