Mutual Fund Clienteles
利用欧元区股票基金所有权构成的独特数据，发现不同客户群体（家庭、保险公司、投资基金）对基金业绩的流动敏感性存在显著差异，且这些差异在同一基金季度内成立，排除了基金异质性的影响。
Abstract Using a unique data set on the ownership composition of euro area equity funds, we find substantial differences in the flow-performance sensitivity across mutual fund clienteles. Households, followed by insurers, display the weakest sensitivity, whereas investment funds—as investors in mutual funds—exhibit the strongest sensitivity. Crucially, these behavioral differences hold within the same fund-quarter, ruling out heterogeneity across funds as a potential driver. We relate these clientele effects to monitoring incentives and balance sheet constraints. Lastly, we find that households respond more strongly to poor performance when surrounded by more performance-sensitive investors, indicating strategic interactions in investor flows.