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| The determinants of the flow of funds of managed portfolios: Mutual funds vs. pension funds |
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| Author(s): Del Guercio D, Tkac PA |
| Source: JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS Volume: 37 Issue: 4 Pages: 523-557 Published: DEC 2002 |
| Times Cited: 43 References: 38 |
| Abstract: This study compares the relations between asset flow and performance in the retail mutual fund and fiduciary pension fund segments of the money management industry, and relates empirical differences to fundamental differences in the clientele they serve. A striking difference is the shape of the flow-performance relation. In contrast to mutual fund investors, pension clients punish poorly performing managers by withdrawing assets under management and do not flock disproportionately to recent winners. We interpret these and other empirical differences in the context of the manager evaluation procedures typical in each segment. We conclude that pension managers have little incentive to engage in the risk-shifting behavior previously identified among mutual fund managers. |
| Document Type: Article |
| Language: English |
| Reprint Address: Del Guercio, D (reprint author), Univ Oregon, Lundquist Coll Business, Eugene, OR 97403 USA |
Addresses:
1. Univ Oregon, Lundquist Coll Business, Eugene, OR 97403 USA
2. Fed Reserve Bank Atlanta, Res Dept, Atlanta, GA 30309 USA |
| Publisher: UNIV WASHINGTON SCH BUSINESS & ADMINISTRATION, C/O OFFICE MANAGER, 115 LEWIS HALL, BOX 353200, SEATTLE, WA 98195-3200 USA |
| Subject Category: Business, Finance; Economics |
| IDS Number: 622XA |
| ISSN: 0022-1090 |
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| | | | | | | | | Record from Web of Science® | | | | | | | | | |