Which Money is Smart? Mutual Fund Buys and Sells of Individual and Institutional Investors

By Aneel Keswani, David Stolin. 2008

221 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/d224abf5c2f3e87e35fddc43566d812b11911f93

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Citations in the corpus

Individual Investor Mutual-Fund Flows (2009, background): “Finally, data on inflows and outflows are available for U.K. mutual fund investors (Keswani and Stolin, 2008), although their use to date has been limited to assessing whether “money is smart,” with separate consideration of inflows and outflows. redemption side.”
Country-Specific Sentiment and Security Prices (2011, unknown): “For brevity and for consistency with prior studies (Zheng, 1999; Sapp and Tiwari, 2004; and Keswani and Stolin, 2008), only results for normalized net cash flow as measured in eq.”
Which Factors Matter to Investors? Evidence from Mutual Fund Flows (2016, unknown): “(star spillover for fund families), Keswani and Stolin (2008) (smart-money effect in the United Kingdom), Gil-Bazo and Ruiz-Verdu (2009) (performance fee relationship), and Sensoy (2009) (mismatched style indices).”
The flow-performance relationship around the world (2012, unknown): “Indeed, the U.S. literature has shown that not 2 There are a limited number of studies on fund flows outside the U.S. Dahlquist, Engström, and Söderlind (2000) study Sweden, while Keswani and Stolin (2008) study the U.K. 3 There are other explanations for why investors do not sell underperformers.”
Are There Disadvantaged Clienteles in Mutual Funds? (2010, unknown): “Keswani & Stolin (2008) find a similarly low correlation between retail and institutional investors.”
Conflicting Family Values in Mutual Fund Families (2013, result): “The results in Table VIII are also consistent with Keswani and Stolin (2008) who show that institutional investors in the United Kingdom possess fund selection ability. As in Keswani and Stolin (2008), AFoMFs’ smartness manifests itself in their buying decisions, but not in their selling decisions.”
Alpha or Beta in the Eye of the Beholder: What Drives Hedge Fund Flows? (2018, unknown): “Our paper also adds to literature on smart money effect in mutual funds (Gruber, 1996; Zheng, 1999; Sapp and Tiwari, 2004; and Keswani and Stolin, 2008) and hedge funds (Baquero and Verbeek, 2005; Getmansky et al., 2010; Ozik and Sadka, 2014, and Jorion and Schwarz, 2015).”