Emerging Markets Review

2008

DOI: 10.1016/j.ememar.2008.02.003

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Portfolio concentration and closed-end fund discounts: Evidence from the China market

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Cited by 5 publications

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“…There are studies on Chinese closed‐ and open‐end funds including Chan et al . (), Firth et al . (), Tang et al .…”

mentioning

confidence: 96%

The Flow–Performance Relationship of Chinese Equity Mutual Funds: Net Flows, Inflows, and Outflows

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et al. 2014

Asia-Pac J of Fin Stud

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This paper investigates the flow–performance relationship of Chinese equity mutual funds, and is the first attempt to analyze their cash flows. The empirical findings are summarized as follows. First, prior performance has a positive effect on subsequent cash flows. Second, flow outliers in 2007 seem to blur the flow–performance relationship. Third, during the stable period from 2008 Q1 to 2012 Q4, convexity is observed for the net flow–performance relationship due to the inflow–performance relationship. Fourth, the disposition effect is corroborated by the results of the portfolio approach, piecewise linear regression and SVAR model. Fifth, variance decomposition analysis shows that market return shock explains the forecasted error variance of cash flows to a large extent. Finally, while both inflows and outflows respond positively to market return shock over time, the response of inflows is stronger than that of outflows.

“…There are studies on Chinese closed‐ and open‐end funds including Chan et al . (), Firth et al . (), Tang et al .…”

mentioning

confidence: 96%

The Flow–Performance Relationship of Chinese Equity Mutual Funds: Net Flows, Inflows, and Outflows

¹

,

²

,

³

et al. 2014

Asia-Pac J of Fin Stud

View full text Add to dashboard Cite

This paper investigates the flow–performance relationship of Chinese equity mutual funds, and is the first attempt to analyze their cash flows. The empirical findings are summarized as follows. First, prior performance has a positive effect on subsequent cash flows. Second, flow outliers in 2007 seem to blur the flow–performance relationship. Third, during the stable period from 2008 Q1 to 2012 Q4, convexity is observed for the net flow–performance relationship due to the inflow–performance relationship. Fourth, the disposition effect is corroborated by the results of the portfolio approach, piecewise linear regression and SVAR model. Fifth, variance decomposition analysis shows that market return shock explains the forecasted error variance of cash flows to a large extent. Finally, while both inflows and outflows respond positively to market return shock over time, the response of inflows is stronger than that of outflows.

Does mutual fund investment influence accounting fraud?

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2019

Emerging Markets Review

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No abstract

Bank affiliation and discounts on closed-end funds

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2022

International Review of Financial Analysis

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