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    Fund performance-flow relationship and the role of institutional reform

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    Wang_IMFI.pdf (583.2Kb)
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    Publication date
    2018-03
    Author
    Feng, J.
    Wang, Wenzhao
    Keyword
    Chinese mutual fund market
    Institutional reform
    Investor rationality
    Market efficiency
    Performance-flow relationship
    Rights
    © Jinyu Feng, Wenzhao Wang, 2018. This is an Open Access article, distributed under the terms of the Creative Commons Attribution-Non- Commercial 4.0 International license (https://creativecommons.org/licenses/by-nc/4.0/), which permits re-use, distribution, and reproduction, provided the materials aren’t used for commercial purposes and the original work is properly cited.
    Peer-Reviewed
    Yes
    
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    Abstract
    Extant literature shows the positive impact of institutional development on investor rationality and market efficiency. The authors extend this evidence by investigating the performance-flow relationship in the Chinese mutual fund market before and after the enforcement of the revised Law of the People’s Republic of China on Securities Investment Fund. Empirical evidence reveals that Chinese investors irrationally chase past star performers before institutional reform, but gradually become rational and less obsessed with star-chasing behaviors after reform. Moving one percentile upward in the relative performance among the star funds is associated with money inflows by 0.532% after reform, much lower than 1.433% before reform. The findings confirm the positive influence of institutional development on investor rationality and market efficiency. The successful experience can be borrowed by other emerging markets with less developed institutions.
    URI
    http://hdl.handle.net/10454/17745
    Version
    Published version
    Citation
    Feng J and Wang W (2018) Fund performance-flow relationship and the role of institutional reform. Investment Management and Financial Innovations. 15(1): 311-327.
    Link to publisher’s version
    http://dx.doi.org/10.21511/imfi.15(1).2018.26
    Type
    Article
    Collections
    Management and Law Publications

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