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Active Flows and Passive Returns

delete2015-01-25
delete6
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OA
AI
A
Ariel Levy *
O
Offer Lieberman
DOI：10.1093/rof/rfu054delete
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摘要

摘要

En 中文
The positive relationship between money flows into investment products and their return performance is an important market indicator for market practitioners and academics. This article studies the impact that active versus passive investment styles have on this relationship. We further evaluate the effects of a passive approach in two crucial stages: portfolio selection and asset allocation. We find that a passive investment style in either stage weakens the relationship between flows and returns compared with an active style. However, the investment style in the asset allocation stage has a greater effect than in the portfolio selection stage, on the relationship between flows and returns.
Keyword:
MUTUAL FUND FLOWS
CROSS-SECTION
STOCK RETURNS
INDEX FUNDS
INVESTORS
MONEY
PERFORMANCE
MOMENTUM
MARKETS
GROWTH
AI总结

AI总结

对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。

期刊

Review of Finance 封面图
Review of Finance
IF:
8.4
论文数:
910
被引数:
4.8K

机构

B
Bar Ilan University
学者数:
9.7K
论文数: 8.5K
被引数: 59
T
Technion Israel Institute of Technology
学者数:
1.6W
论文数: 1.5W
被引数: 2.0W
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