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http://hdl.handle.net/10419/56284
  
Title:Information costs and mutual fund flows PDF Logo
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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