An Empirical Analysis of Spillover Effect of Open-End Fund Industry
We use multiple regression models to analyze the impact of the performance of an open-end fund on the capital inflow of the fund itself and other funds in the same fund family. The empirical study starts from the analysis of correlation of capital inflows of all funds under the same fund management company, and is designed to test whether the good performance of a fund will attract new external investment, or in other words, whether the spillover effect exists. We found that the star fund of star fund management company could not attract more capital inflow from investors, compared with other funds, which indicates that there is no spillover effect in open-end fund industry in China. The result is reinforced by our test of robustness. We also proposed that the reasons for the nonexistence of spillover effect might lie in the instability of the performance, relatively high quit rate of fund managers, dilemma of redemption, and policy of temporary suspension of purchase.
Open-end funds Performance Cash flow Spillover effect
Hong Fang Xia cong cong wang Gao feng Li
College of finance, Zhejiang university of finance &economics,Hang zhou ,310018, china College of finance, dongbei university of finance &econotnics,Da Lian, 116023, china
国际会议
昆明、丽江
英文
427-430
2011-04-15（万方平台首次上网日期，不代表论文的发表时间）