THE DETERMINANTS OF FLOWS INTO RETAIL INTERNATIONAL EQUITY FUNDS

摘要：

International equity fund investors flee from funds with poor raw returns. In addition, they chase risk-adjusted performance leaders instead of raw return leaders. While international growth fund investors flock into larger funds, regionally focused fund investors invest more in smaller funds presumably due to price impact concerns. Regionally diversified funds tend to receive higher flows if their fund families offer more choices of investment objectives. A stronger U.S. dollar leads investors to increase their investments in European equity funds but to stay away from the riskier developing markets equity funds. International equity fund investors do not appear to be sensitive to expenses or load structures.

关键词： International Equity Funds Investor Behavior Fund Flows

作者: Xinge Zhao

作者单位: Associate Professor of Finance China Europe International Business School (CEIBS) 699 Hongfeng Road, Pudong Shanghai, China, 201206

会议类型: 国际会议

会议名称: 2006年中国国际金融年会

会议地点: 西安

会议语种:英文

在线出版日期: 2006-07-17（万方平台首次上网日期，不代表论文的发表时间）