2009•Zhōngguó cáiwù xuékānRequires access

The Effect of Fund Flows on Fund Managers' Trading Behavior

Chun-An Li, Hung‐Cheng Lai

Abstract

This study examines the impact of fund flows on fund managers' trading behavior. The empirical results show that liquidity-motivated trading by fund managers has a statistically significant negative effect on fund portfolio. Besides, in the data sets grouped by market condition and turnover rate, the effect of fund flows on fund managers' behavior has different level in each group. Key words: open-end fund, fund flows, fund managers' behavior

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Key concepts: Fund administration, Income fund, Target date fund, Manager of managers fund, Open-end fund, Investment fund, Business, Closed-end fund