Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 24, 2012 erstellt
Beschreibung:
We examine how investment advisors guide the decision-making process of mutual fund investors by comparing the flow-performance sensitivity of no-load funds and the three main classes of load fund shares, conditional on the state of the market. We show that load investors are more sensitive to raw fund returns than are no-load investors, and that load investors display a stronger overall flow-performance relationship. Counterproductively, the asymmetric flow-performance relationship leads to stronger trend-chasing behavior following market increases when simulations show that such behavior would be more productive following market declines