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The Spillover and Crowding-out Effects of Mutual Funds
Journal of Financial Studies
View Archive Info| Field | Value | |
| Title |
The Spillover and Crowding-out Effects of Mutual Funds
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| Creator |
Chih-Hsien Yu
Wang-Tsung Tzeng |
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| Description |
The purpose of this study is to explore the gspilloverh and gcrowding-outh effects among funds in the same mutual fund family. These include effects from fundfs performance, fundfs media exposure, and fund flows. Our empirical evidence shows that there exists performance crowding-out effect among funds in the same fund family. That is, a fundfs inflow would decrease due to the good performance of other funds in the family. Besides, the effect would be more immediate and persistent for funds performing extremely well. Furthermore, fundfs media exposure would spill over onto other fundfs flows in the family. That is, a fundfs media exposure would positively affect inflows of other family-member-funds. But this effect is not immediate. Rather, there is no effect until two months later. This implies that investors need time to verify the news exposed by the media. Finally, we do not find any spillover or crowding-out effects for fund flows. This may imply that what fund investors focus is fundfs performance, not fund flows. Thus, changes in fund flows might not interest investors as much as changes in fundfs performance. Key words: mutual fund, spillover effect, crowding-out effect, performance, media exposure, fund flows |
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| Publisher |
Journal of Financial Studies
財務金èžå¸åˆŠ |
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| Date |
2011-06-03
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| Type |
—
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| Format |
application/pdf
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| Identifier |
http://www.jfs.org.tw/index.php/jfs/article/view/2011145
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| Source |
Journal of Financial Studies; Vol 11, No 2 (2003); 99
財務金èžå¸åˆŠ; Vol 11, No 2 (2003); 99 |
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| Language |
—
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