Berggrun, Luis; Lizarzaburu, Edmundo - In: Journal of Business Research 68 (2015) 2, pp. 199-207
This study analyzes how fund flows react to past performance in the dynamic Brazilian equity fund market over the … money subsequently outperform those that receive less money. We find that investor flows chase past performance, and … document some differences in the flow–performance relationship between retail and institutional funds. We do not find evidence …