Abstract

http://ssrn.com/abstract=1752362
 
 

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Risk and Fund Flows


Christopher P. Clifford


University of Kentucky

Jon A. Fulkerson


Loyola University Maryland - Sellinger School of Business & Management

Bradford D. Jordan


University of Kentucky - Gatton College of Business and Economics

Steve Waldman


University of Kentucky - Gatton College of Business and Economics

June 16, 2013


Abstract:     
We study the impact of risk on mutual fund flows. Consistent with prior literature, we find evidence that net flows show aversion to risk. We show, however, that gross inflows and outflows are positively related to risk. While this result appears rational for outflows, it appears anomalous for inflows. We find that inflows are positively related to idiosyncratic risk, rather than systematic risk, and that institutional investors and incumbent investors are less susceptible to this behavior. Our results extend a growing body of evidence that finds certain investors making sub-optimal investment decisions, such as buying past winners, regardless of risk.

Number of Pages in PDF File: 50

Keywords: Mutual Fund Flows

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Date posted: February 1, 2011 ; Last revised: July 17, 2013

Suggested Citation

Clifford, Christopher P. and Fulkerson, Jon A. and Jordan, Bradford D. and Waldman, Steve, Risk and Fund Flows (June 16, 2013). Available at SSRN: http://ssrn.com/abstract=1752362 or http://dx.doi.org/10.2139/ssrn.1752362

Contact Information

Christopher P. Clifford (Contact Author)
University of Kentucky ( email )
College of Business & Economics
Lexington, KY 40506-0034
United States
859-257-3850 (Phone)
Jon A. Fulkerson
Loyola University Maryland - Sellinger School of Business & Management ( email )
4501 North Charles Street
Baltimore, MD 21210
United States
410-617-5634 (Phone)
Bradford D. Jordan
University of Kentucky - Gatton College of Business and Economics ( email )
Lexington, KY 40506
United States
859-257-4887 (Phone)
859-257-9688 (Fax)
Steve Waldman
University of Kentucky - Gatton College of Business and Economics ( email )
Lexington, KY 40506
United States
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