2010
DOI: 10.1007/s10258-010-0060-x
|View full text |Cite
|
Sign up to set email alerts
|

Does performance explain mutual fund flows in small markets? The case of Portugal

Abstract: Mutual fund, Performance reaction, Investor behaviour, Small markets and regulation, G21, G23, G28,

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...
2
1

Citation Types

1
11
1

Year Published

2012
2012
2021
2021

Publication Types

Select...
7

Relationship

1
6

Authors

Journals

citations
Cited by 17 publications
(13 citation statements)
references
References 45 publications
1
11
1
Order By: Relevance
“…This could be due to specialized management companies promoting advertising in young plans, which have not acquired the reputation of the old plans, more actively than insurance companies. This result is consistent with Alves and Mendes (2011) and Goriaev et al (2008). The contributions of investors to pension plans managed by insurance companies increase significantly in December, which could be explained by (1) insurance companies promoting their pension plans (for example, by giving promotional gifts) more actively in December than specialized management companies, or (2) insurance companies providing a tax advice service to their clients, who could make contributions to their pension plans at the end of the year in order to exploit tax benefits.…”
Section: T I T I T I T I T I T I T I T I T I T I T I T I T I T I T supporting
confidence: 82%
See 3 more Smart Citations
“…This could be due to specialized management companies promoting advertising in young plans, which have not acquired the reputation of the old plans, more actively than insurance companies. This result is consistent with Alves and Mendes (2011) and Goriaev et al (2008). The contributions of investors to pension plans managed by insurance companies increase significantly in December, which could be explained by (1) insurance companies promoting their pension plans (for example, by giving promotional gifts) more actively in December than specialized management companies, or (2) insurance companies providing a tax advice service to their clients, who could make contributions to their pension plans at the end of the year in order to exploit tax benefits.…”
Section: T I T I T I T I T I T I T I T I T I T I T I T I T I T I T supporting
confidence: 82%
“…For example, Ferruz et al (2009) show that investors in Spanish mutual funds do purchase poorly performing funds, but in smaller proportions than they purchase good performing funds, while Alves and Mendes (2011) and Fiotakis and Philippas (2004) find that investors do not react to the past performance of Portuguese and Greek mutual funds, respectively, despite the persistently poor performance of Greek funds, which could be due to the existence of (1) an agency problem between large financial intermediaries and participants and/or (2) unsophisticated investors, as suggested by Ferreira et al (2012).…”
Section: Introductionmentioning
confidence: 99%
See 2 more Smart Citations
“…There is consensus amongst researchers that capital fund flows are sensitive to past performances in developed markets (Goetzmann and Peles, 1997;Sirri and Tufano, 1998;and Christoffersen, 2001), but for a small market Alves and Mendes (2011), instead of the convex flow-performance relationship usually documented for the US, found an absence of reaction to past performance. There is also evidence that back-end load costs are an obstacle to performance reaction (Alves and Mendes, 2007).…”
Section: Introductionmentioning
confidence: 98%