The Flow - Performance Relationship: Evidence from Pakistani Mutual Funds

Journal of Accounting and Finance in Emerging Economies

Amna Noor¹  Saleh Nawaz khan² 

[1] Assistant Professor, Department Of management Sciences, The Islamia University of Bahawalpur, Pakistan;Ph.d Candidate, Department Of management Sciences, The Islamia University of Bahawalpur, Pakistan;

关键词: Flow-Performance Relationship;    Convexity;    Mutual Fund Flows;   

DOI  :  10.26710/jafee.v6i1.1050

来源: DOAJ

【 摘 要 】

we use the novel sample of Pakistani mutual funds to examine the flow performance relationship.  We apply linear regression model with fixed effect on unbalanced panel data for the period of 2012 to 2018. Consistence with the existence literature  using sample of US and other developed countries ,we find positive flow- performance relationship , but the prior performance do not have larger impact on subsequent fund flows.  Our results also exhibit that the shape of the relationship is not linear; it’s convex like other developed countries. In other words, the past high performing funds attracts larger inflow in the next periods whereas the past low performing fund suffer from minimal out flow in the next period.

【 授权许可】

Unknown