Are There Disadvantaged Clienteles in Mutual Funds?
Are There Disadvantaged Clienteles in Mutual Funds?
复制标题
共同基金中是否存在弱势客户？
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
S. Jank
中科院分区：
文献类型：
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作者：
S. Jank
本文研究了共同基金中三个不同投资者群体：家庭、金融公司、保险公司和养老基金的流量-业绩关系，发现：金融公司有强烈的追逐过去业绩的倾向，并且在表现最好的基金中持有的份额也增加了。保险公司和养老基金显示出一些追逐业绩的迹象，但在业绩最好的基金中代表性不足。家庭追逐业绩，但他们的资金流动也受到现状偏见的影响。在投资者构成方面，表现最差的基金与表现一般的基金相比，其投资者结构没有显着差异。
This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households, financial corporations, and insurance companies and pension funds, establishing the following findings: Financial corporations have a strong tendency to chase past performance and also hold an increased share in the top performing funds. Insurance companies and pension funds show some evidence of performance chasing, but are underrepresented in the best performing funds. Households chase performance, but they are also subject to status quo bias in their flows. Regarding investor composition the worst performing funds show no significant difference in their investor structure when compared to funds with average performance.