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SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics >
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http://hdl.handle.net/10419/56284
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| Title: | | Information costs and mutual fund flows  |
| Authors: | | Engström, Stefan Westerberg, Anna |
| Issue Date: | | 2004 |
| Series/Report no.: | | SSE/EFI Working Paper Series in Economics and Finance 555 |
| Abstract: | | This paper examines how investor and capital flows into mutual funds in the Swedish pension system are related to fund characteristics. Similarly to U.S. studies, we show that individuals chase past returns and have a strong preference for lower-fee funds. However, our results suggest that past returns are less important than previous studies suggest. A more important determinant of fund inflows is information costs. For instance, foreign-based funds with a track record similar to that of domestic funds attract fewer investors and receive less capital. Moreover, new funds without a track record also receive lower inflows. |
| Subjects: | | Flows Information Pension System Portfolio Choice |
| JEL: | | G11 G23 H55 |
| Document Type: | | Working Paper |
| Appears in Collections: | | SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics
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