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《Securities Market Herald》 2015-11
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The Correlation Between Open-end Fund Flow and Investor Behavior Empirical Evidences from Fund Market and Equity Market

Yu Jiangning;Zhu Qigui;  
Utilizing quarterly data of open-end funds in China from September 2004 to march 2015, this paper applies time series VAR model and unbalanced panel data model to examine the causes of mutual funds flow and investor behavior. In addition to the effect of historical return, study indicates strong positive relationship between equity funds flow and some factors such as excess return and volatility of stock market, economic indicators, and investor sentiment. Further study conducted toward other different types of funds shows that bond funds flow and hybrid funds flow increase along with the growth of stock market return; in contrast money market funds flow would decrease as it happened. According to the influence factors of funds flow, investors act like speculators.
【Fund】: 国家社会科学基金重大项目(项目批准号:14ZDA013);国家社会科学基金重点项目(项目批准号:11AZD031)资助
【CateGory Index】: F832.51
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【Citations】
Chinese Journal Full-text Database 6 Hits
1 Liu Bailan, Zou Jianhua;Can Investors Obtain Abnormal Returns by Following Star Families:The Empirical Evidence from China Securities Fund Market?[J];证券市场导报;2013-06
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3 ZHANG Zongxin MIAO Jingqian;Mutual Fund Flows and Investment Behavior:An Empirical Study Based on Dynamic Panel Data Model[J];金融研究;2012-04
4 Xiao Jun and Shi Jing(School of Finance and Statistics,Jiangxi University of Finance and Economics);Historical Performance and Fund Flows:Does "Redemption Anomaly" Exist in China's Open-end Fund Market?[J];经济研究;2011-01
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6 Lu Rong1 Chen Baizhu2,Xu Longbing1 and Xie Xinhou1(1.Shanghai University of Finance and Economics;2.University of Southern California,USA);Fund Performance and Investors' Choice——Analysis on the Redemption Puzzle of Open-end Fund Market in China[J];经济研究;2007-06
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 JIANG Yun-bing;WANG Yan-ming;WANG Shu-hui;LI Sheng-lan;Lingnan College,Sun Yat-Sen University;Postdoctoral Program,Yuexiu Group Co.,Ltd.;Yuexiu Financial Holdings Co.,Ltd.;;Research on Fund Companies Competition Strategy——Based on Product Innovation and Mechanism Innovation Perspective[J];中国管理科学;2015-12
2 Zhang Wei;An Fuxu;Xu Chao;Xiong Xiong;College of Management and Economics,Tianjin University;China Center for Social Computing and Analytics;;Study on Capital Flow Continuity in China Stock Market Based on the Autoregressive Model——Proofs from Shanghai and Shenzhen Main Board Stock[J];甘肃科学学报;2015-06
3 LI Wenjing;LU Xiaoyan;School of Management,Jinan University;Business School,Sun Yat-sen University;;Do Institutional Investors Care Firm Environmental Performance?Evidence from the Most Polluting Chinese Listed Firms[J];金融研究;2015-12
4 LI Xiao-chang;Bimawei Huazhen Accounting Firm;;Shareholding Feature of Institutional Investors,Listing Corporation Type and Volatility of Stock Market[J];广西财经学院学报;2015-06
5 Shangyao Yu;Xue Wang;Zhihong Yi;School of Financial Management,Beijing Technology and Business University;Department of Finance,Renmin University of China;;Does “Holding Together” Create Warmth?——Fund Manager's Stock-Picking Strategy and Fund Performance[J];经济学报;2015-04
6 WU Xianhong;LIU Wenwen;HE Li;Peking University;;Research on Impact of Channel Marketing upon Individual Investors of Mutual Fund[J];北京工商大学学报(社会科学版);2015-06
7 YU Jiang-ning;ZHU Qi-gui;Antai College of Economics and Management,Shanghai Jiao Tong University;Shanghai Key Laboratory of Financial Information Technology;;Analysis of Investment Demand on Chinese Open-end Funds[J];河北大学学报(哲学社会科学版);2015-06
8 Yu Jiangning;Zhu Qigui;;The Correlation Between Open-end Fund Flow and Investor Behavior Empirical Evidences from Fund Market and Equity Market[J];证券市场导报;2015-11
9 Yu Shen;School of Finance,Southwestern University of Finance and Economics;;Free Cash Flow and Mutual Fund Smart Money Effect[J];金融学季刊;2015-02
10 XING Li;YUAN Min;Zhengzhou University;Henan Institute of Engineering;;The Empirical Research of the Impacts of the Funds to Securities Investment Fund Herd Behavior[J];中原工学院学报;2015-05
【Secondary Citations】
Chinese Journal Full-text Database 10 Hits
1 Song Guanghui and Wang Xiaohui(School of Business Administration,South China University of Technology,Guangzhou 510640,China);Fund Family,Family Favoritism and Family Competitive Strategies——Based on the Active Equity Fund Evidence[J];广东金融学院学报;2011-04
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3 WANG Qing WU Wei CAI Dongliang;Fund Rating and Cash Flow:Evidence From the Open-ended Fund Data in China[J];金融研究;2010-09
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5 Cai Qingfeng and Song Youyong(Department of Finance, Xiamen University);Can the Hyper-normal Development of Institutional Investors Stabilize the Market?——Leapfrog Development of China's Fund Industry[J];经济研究;2010-01
6 Zhang Ting;The research on the choice of investors and fund spillover effects[J];证券市场导报;2010-01
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8 Wang Huabing;Research on Investors' Prejudice & Allocation of Mutual Funds Families' Resources[J];财经科学;2009-08
9 Lin Shu Li Xiang Yang Xiongsheng Onkit Tam;Are They the Real Stars?——Evidence from China Mutual Fund Industry[J];金融研究;2009-05
10 Feng Jinyu;The Endogeneity of Open-end Fund Redemption and Performance[J];证券市场导报;2009-03
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