Measuring Mutual Fund Flows
指出常用基金流量估算方法与实际报告值存在差异，并回顾了基金流量的决定因素及其对资产价格和企业行为的影响，强调不同测量方法对理解基金市场关键关系的影响。
Most studies estimate mutual fund flows using the change in total net assets in excess of fund returns. This estimate differs from funds’ reported flows due to variations in the treatment of reinvested distributions, timing of flows, fund mergers, and more. We review the literature on the determinants of mutual fund flows and the consequences of mutual fund flows on asset prices and firm behavior. We find that different flow measures can produce different inferences on key relationships in fund and securities markets, such as the relationship between investor flows and fund performance, and how fund flows impact security returns. We emphasize the tradeoffs of these different methodologies for understanding flow patterns in the fund marketplace and its broader consequences.