Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/44963 
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dc.contributor.authorJank, Stephanen
dc.date.accessioned2011-03-16-
dc.date.accessioned2011-04-15T09:46:20Z-
dc.date.available2011-04-15T09:46:20Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/44963-
dc.description.abstractThe paper explores whether the co-movement of market returns and equity fund flows can be explained by a common response to macroeconomic news. I find that variables that predict the real economy as well as the equity premium are related to mutual fund flows. Changes in dividend-price ratio explain mutual fund flows beyond the information contained in returns. Further predictive variables such as default spread, relative T-Bill rate and, in particular consumption-wealth ratio also explain mutual fund flows. Mutual fund flows are, in accordance with the information-response hypothesis, forward-looking and predict real economic activity.en
dc.language.isoengen
dc.publisher|aUniversity of Cologne, Centre for Financial Research (CFR) |cCologneen
dc.relation.ispartofseries|aCFR working paper |x11-04en
dc.subject.jelG12en
dc.subject.jelG14en
dc.subject.ddc330en
dc.subject.keywordaggregate mutual fund flowsen
dc.subject.keywordequity premiumen
dc.subject.keywordreturn predictabilityen
dc.subject.keywordasset pricingen
dc.titleMutual fund flows, expected returns, and the real economy-
dc.typeWorking Paperen
dc.identifier.ppn65420151Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfrwps:1104en

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