Decisions of domestic equity fund investors: determinants and search costs

• Autores: Luis Ferruz Agudo, Cristina Ortiz, José Luis Sarto Marzal
• Localización: Applied financial economics, ISSN 0960-3107, Vol. 19, Nº. 16-18, 2009, págs. 1295-1304
• Idioma: inglés
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• Dialnet Métricas: 1 Cita
• Resumen

  • In the present study, we confirm the asymmetry of the performance-flow relationship documented in the literature, but with the particularities of the sample of Spanish funds. Thus, we conclude that mid-performers show no significant influence on investor decisions. The panel data analysis also allows us to conclude that custodial and management fees and the size of the fund have a negative impact on the flows into funds. Empirical evidence is provided on the differential response of investors to the decision factors depending on the market states.