Mutual Fund Flows and their Determinants: Evidence in Taiwan Open-end Equity Fund Market
Date Issued
2006
Date
2006
Author(s)
Liao, Wan-Ting
DOI
en-US
Abstract
This paper investigates the relationships between mutual fund flows and various determinants. High past performance funds and low fee funds enjoy high fund flows, and these finding are consistent with previous literature results. This paper also explores the impacts of search costs on fund flows using fund company size and availability of internet trading platform as proxies. Funds in larger fund companies are positively related to fund flows, because the greater presence of larger fund companies reduces investors’ search costs. Funds in companies that offer internet trading platforms are also positively related to fund flows, because of the higher visibility accompanying the internet trading platform. The control variable, log of lag total net assets, also captures a significant impact.
Subjects
基金流量
報酬
費用
搜尋成本
mutual fund flows
returns
fees
search costs
Type
thesis