Purchase and Redemption Patterns of US Equity Mutual Funds
分解股票基金的净流量为购买率和赎回率，发现快速交易者群体显著，投资者用更高赎回惩罚差绩效，指数基金赎回率低于主动管理基金，且收费基金投资者更依赖历史表现做交易决策。
I decompose net flows into purchase and redemption rates for a sample of equity funds. I find a strong relation between purchase rates and redemption rates indicating a significant clientele of rapid fund traders. I also find that investors punish poor performance with higher redemptions. Over my sample period, index funds display lower redemption rates than do actively managed funds. I find that load fund investors base fund-trading decisions on previous performance to a greater extent than do no-load fund investors. This result suggests that investment advisors and brokers play a significant role in increased mutual fund trading activity.