- Volume 16 Issue 10
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Mutual Fund Performance and Fund Flows: Medium-Term Relations in Korean Market
한국시장에서의 뮤추얼펀드의 성과와 현금흐름 간의 중기적 관계
- Kwon, Kyoung-Min (College of Business Administration, Hongik University) ;
- Kim, Noolee (College of Business and Economics, Hanyang University-ERICA)
- Received : 2015.08.03
- Accepted : 2015.10.08
- Published : 2015.10.31
This study examines the relation between mutual fund performance and fund flows in Korean market using weekly and monthly data. The results are as follows. First, the relation between the two variables varies across fund types. Even the relations in equity fund and index fund are different from each other. Second, the structural change in the mutual fund market affect significantly the relation between the two variables. Third, return chasing flow is observed constantly in bond fund and it is observed only after the structural change for equity fund and MMF. However, no return chasing flow is observed for index fund. Fourth, mutual fund flows affect subsequent fund returns only in MMF after the structural change.
Supported by : 한양대학교
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