The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds vs. Pension Funds

By Diane Del Guercio, Paula A. Tkac. Journal of Financial and Quantitative Analysis, 2002

382 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/269065d323f1623dc866f3cdd517d5aafbbca7bd

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Miguel A. Ferreira
2. Pedro Matos
3. Laura T. Starks
4. Martijn Cremers
5. Veronika K. Pool
6. Sofia Ramos
7. A. Miguel
8. Jung Hoon Lee

In Economics and Econometrics

1. Florian Wagener
2. Cars H. Hommes
3. Stefan Thurner 4
4. Miguel A. Ferreira
5. Pedro Matos
6. J. D. Farmer
7. Martijn Cremers
8. Veronika K. Pool

In Finance

1. Miguel A. Ferreira
2. Florian Wagener
3. Stefan Thurner 4
4. Cars H. Hommes
5. Pedro Matos
6. J. D. Farmer
7. Martijn Cremers
8. Veronika K. Pool

Citations in the corpus

• Conflicting Family Values in Mutual Fund Families (2013, background): “Here our results are consistent with a burgeoning literature (Edelen (1999) Da, Gao, and Jagannathan (2008), Coval and Stafford (2007), Zhang (2009) and Chen, Hanson, Hong, and Stein (2008)) that document that providing liquidity to investors is costly for mutual funds, especially during times of se”
• Is conflicted investment advice better than no advice? (2020, neutral): “…we include the net return on fund j over the prior twelve                                                                                                                 28 See, for example, Ippolito (1992), Chevalier and Ellison (1997), Sirri and Tufano (1998), and Del Guercio and Tkac (2002).”
• Risk Shifting and Mutual Fund Performance (2010, neutral): “Edelen (1999) documents that the extra trading and the resulting price impact induced by fund flows can significantly reduce the average performance of mutual funds.”
• Madison Avenue Meets Wall Street: Mutual Fund Families, Competition and Advertising (2006, background): “Further, Reid 6 See, for example, Deli (2002), Golec (2003) or Golec and Starks (2004).”
• Star Power: The Effect of Monrningstar Ratings on Mutual Fund Flow (2008, neutral): “Del Guercio, Diane and Paula A. Tkac, 2002, The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds versus Pension Funds, Journal of Financial and Quantitative Analysis 37, 523-557.”
• The flow-performance relationship around the world (2012, positive): “There are numerous papers that have studied how flows depend on past performance using U.S. mutual fund flow data (e.g., Ippolito (1992), Sirri and Tufano (1998), and Del Guercio and Tkac (2002)).”
• Indexing and Active Fund Management: International Evidence (2016, positive): “We estimate regression of net flows on prior year active share and fund-level control variables shown in previous research to be related to flows such as prior year TNA, age, TSC, and tracking error (e.g., Sirri and Tufano, 1998; Del Guercio and Tkac, 2002).”
• On the Industry Concentration of Actively Managed Equity Mutual Funds (2005, neutral): “2 Numerous studies have called attention to the nonlinearity in the performance-flow relation, for example, Ippolito (1992), Gruber (1996), Chevalier and Ellison (1997), Goetzmann and Peles (1997), Sirri and Tufano (1998), Del Guercio and Tkac (2002), and Nanda, Wang, and Zheng (2004).”
• Complex Evolutionary Systems in Behavioral Finance (2008, background): “Pension funds are less extreme in picking good performance but are tougher on bad performers (Del Guercio and Tkac, 2002).”