Running From a Bear: How Poor Stock Market Performance Affects the Determinants of Mutual Fund Flows
利用专有数据集研究过去业绩如何影响共同基金流动的决定因素，发现市场条件（牛市或熊市）会改变投资者在赎回和购买时对不同业绩指标的重视程度。
Abstract: Using a proprietary data set to study how past performance affects the determinants of mutual fund flows for a sample of load fund investors, I provide evidence that the determinants of fund flow depend on market conditions for both redemptions and purchases. Specifically, I show that, for redemptions, relative performance and risk adjusted performance are important determinants during a period of record flows into mutual funds. Conversely, during a period of poor performance, absolute performance becomes much more important and relative performance and risk adjusted performance become less important. For purchases, absolute performance, risk adjusted performance, and most relative performance measures become more important during the bear market.