search query: @author Warther, V. / total: 2
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| Author: | Warther, V. |
| Title: | Aggregate mutual fund flows and security returns |
| Journal: | Journal of Financial Economics
1995 : OCT/NOV, VOL. 39:2&3, p. 209-235 |
| Index terms: | UNIT TRUSTS INVESTMENT PRICES |
| Language: | eng |
| Abstract: | In this paper the author finds that aggregate security returns are highly correlated with concurrent expected flows. An unexpected inflow equal to 1% of total stock fund assets ($4.75 billion) corresponds to a 5.7% increase in the stock price index. Further, fund flows are correlated with the returns of the securities held by the funds, but not with the returns of other types of securities. The author finds evidence of a positive relation between flows and subsequent returns and evidence of a negative relation between returns and subsequent flows. |
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