There is now extensive empirical evidence showing that fund managers have relative performance objectives and adapt … their investment strategy in the last part of the calendar year to their performance in the early part of the year. However …

fund performance in the first semester of a year influences risk-taking in the second semester.However, we show that …

impact of past performance on flows.We model the flow-performance relationship at the monthly frequency, allowing for … dependence of the sensitivity of flows to past performance on size and age of the fund.The dynamics of the impact of past … performance is modelled using polynomial lag structures.Performance from 6 to 8 months ago seems to have thestrongest impact on …