Portal de Periódicos da CAPES

Decisions of domestic equity fund investors: determinants and search costs

2009; Chapman and Hall London; Volume: 19; Issue: 16 Linguagem: Inglês

10.1080/09603100802584862

1466-4305

Luis Ferruz Agudo, Cristina Ortiz, José Luis Sarto,

Auditing, Earnings Management, Governance

In the present study, we confirm the asymmetry of the performance-flow relationship documented in the literature, but with the particularities of the sample of Spanish funds. Thus, we conclude that mid-performers show no significant influence on investor decisions. The panel data analysis also allows us to conclude that custodial and management fees and the size of the fund have a negative impact on the flows into funds. Empirical evidence is provided on the differential response of investors to the decision factors depending on the market states.