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Do fund flow-return relations depend on the type of investor? A research note.

Humphrey, Jacquelyn; Benson, Karen Leigh; Brailsford, Timothy John


This study investigates whether the relation between aggregate fund flow and market returns differs between retail and institutional funds. For the retail fund sample, we document a contemporaneous relation between flow and market returns and also find evidence of feedback trading. In contrast, there is little evidence of a relation between flow and market returns for the institutional fund sample. Consequently, it appears that retail and institutional fund investors use different investment...[Show more]

CollectionsANU Research Publications
Date published: 2013
Type: Journal article
Source: Abacus
DOI: 10.1111/j.1467-6281.2012.00374.x


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