Participation Costs and the Sensitivity of Fund Flows to Past Performance

By Jennifer Huang, Kelsey D. Wei, Hongjun Yan. 2007

498 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/b471d3a0428e1b88a455feaa8ec63019fc4bf51e

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. David T. Ng
2. Hao Jiang
3. A. Matsuda
4. J. Gómez
5. Yuehua Tang
6. Itay Goldstein
7. Stephan Jank
8. Shunsuke Managi

In Finance

1. David T. Ng
2. Hao Jiang
3. Shunsuke Managi
4. A. Matsuda
5. J. Gómez
6. Yuehua Tang
7. Itay Goldstein
8. Stephan Jank

Citations in the corpus

• Investor Flows and Fragility in Corporate Bond Funds (2017, background): “Papers documenting this pattern, discussing its origins and consequences include: Ippolito (1992), Brown, Harlow, and Starks (1996), Chevalier and Ellison (1997), Sirri and Tufano (1998), Lynch and Musto (2003), Huang, Wei, and Yan (2007) , among others.”
• Behavioral Biases of Mutual Fund Investors (2011, unknown): “Huang, Wei, and Yan (2007) characterize the effect of the information environment on the associations between fund flows and past performance.”
• Do socially responsible investment indexes outperform conventional indexes? (2012, background): “Generally, investors are unwilling to change funds because of the higher search cost for investigating other funds (Huang et al., 2007).”
• The flow-performance relationship around the world (2012, unknown): “We also use fund annual fees as a control variable, as many authors have 13 shown that these fees explain fund flows, including Barber, Odean, and Zheng (2005), Huang, Wei, and Yan (2007), and Gil-Bazo and Ruiz-Verdú (2009).”
• Social Transmission Bias and Investor Behavior (2021, unknown): “Huang, Wei, and Yan (2007) propose that the convexity of fund flow as a function of performance derives from a combination of investor participation costs and learning about fundmanagers’ ability from past returns.”
• Are There Disadvantaged Clienteles in Mutual Funds? (2010, methodology): “These findings are comparable to those for the US market (see e.g. Sirri & Tufano 1998, Chen et al. 2007, Huang et al. 2007).”
• Portfolio Manager Compensation in the U.S. Mutual Fund Industry (2019, background): “4 See, for example, Brown, Harlow, and Starks (1996), Chevalier and Ellison (1997), Sirri and Tufano (1998), Basak, Pavlova, and Shapiro (2007, 2008), Huang, Wei, and Yan (2007), and Sialm, Starks, and Zhang (2015).”