Aksaray Üniversitesi Sosyal Bilimler Enstitüsü Dergisi

Yazarlar: Fatih SAĞLIK

Konular:Sosyal

Anahtar Kelimeler:Mutual Funds,Fund Performance,Fund Flow,Fund Types,Investor Behaviours

Özet: This paper examines the impact of the most recent performance of mutual funds in Turkey on their net flows, using the data between February 2014 and February 2019. The data include daily unit price, number of units in circulation, portfolio size of 280 mutual funds operating in Turkey. Based on methodology, in which fund performances in current selected time periods, namely one month, three months, six months and a year, stack up against fund flows in next periods, this paper shows positive relationship between past performance and flow in the Turkish mutual fund industry. This relationship tends to be non-linear, suggesting flow-performance sensitivity is stronger for funds with best performance (inflow above industry average) and worst performance (outflow above industry average) while it is weaker for funds with average performance.  

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