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Measuring Mutual Fund Flows
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DOI：10.1080/0015198X.2025.2521233.png)
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Most studies estimate mutual fund flows using the change in total net assets in excess of fund returns. This estimate differs from funds’ reported flows due to variations in the treatment of reinvested distributions, timing of flows, fund mergers, and more. We review the literature on the determinants of mutual fund flows and the consequences of mutual fund flows on asset prices and firm behavior. We find that different flow measures can produce different inferences on key relationships in fund and securities markets, such as the relationship between investor flows and fund performance, and how fund flows impact security returns. We emphasize the tradeoffs of these different methodologies for understanding flow patterns in the fund marketplace and its broader consequences.
Keyword:
Equity style returns
fund fees
fund flows
fund mergers
fund performance
2.0
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2.2
论文数:
1.2K
被引数:
3.1K
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Which money is smart? Mutual fund buys and sells of individual and institutional investors.png)
JOURNAL OF FINANCE
JOURNAL OF FINANCEIF9.5
PREAI
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