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dc.contributor.authorFeng, J.
dc.contributor.authorWang, Wenzhao
dc.date.accessioned2020-03-09T15:43:26Z
dc.date.accessioned2020-04-08T13:51:25Z
dc.date.available2020-03-09T15:43:26Z
dc.date.available2020-04-08T13:51:25Z
dc.date.issued2018-03
dc.identifier.citationFeng J and Wang W (2018) Fund performance-flow relationship and the role of institutional reform. Investment Management and Financial Innovations. 15(1): 311-327.en_US
dc.identifier.urihttp://hdl.handle.net/10454/17745
dc.descriptionYesen_US
dc.description.abstractExtant 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.en_US
dc.description.sponsorshipNational Social Science Foundation of China [grant number 15AJY019].en_US
dc.language.isoenen_US
dc.relation.isreferencedbyhttp://dx.doi.org/10.21511/imfi.15(1).2018.26en_US
dc.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.en_US
dc.subjectChinese mutual fund marketen_US
dc.subjectInstitutional reformen_US
dc.subjectInvestor rationalityen_US
dc.subjectMarket efficiencyen_US
dc.subjectPerformance-flow relationshipen_US
dc.titleFund performance-flow relationship and the role of institutional reformen_US
dc.status.refereedYesen_US
dc.date.Accepted2018-03-07
dc.date.application2018-03-23
dc.typeArticleen_US
dc.type.versionPublished versionen_US
dc.date.updated2020-03-09T15:43:27Z
refterms.dateFOA2020-04-08T13:52:18Z


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