Changes in the global investor base and the stability of portfolio flows to emerging markets

Luis Brandao-Marques, Gaston Gelos, Hibiki Ichiue, Hiroko Oura

研究成果: Article査読

抄録

The role of mutual funds in intermediating capital flows to emerging markets has grown, and the composition of types of funds has changed. Based on insights from the literature, we hypothesize that due to behavior of end investors, mutual fund flows are more sensitive to push- and pull factors when the assets held by funds are less liquid and the end investors are smaller, and when end investors can purchase or redeem funds more easily. Our empirical results based on fund-level asset allocation data across emerging markets are largely consistent with the hypotheses. Particularly, we find robust evidence that bond fund flows are more sensitive to pull- and push factors than equity fund flows. Since the share of fund types with higher sensitivities has tended to rise, the sensitivity of overall fund flows has likely increased. Our result also suggests that bond fund managers amplify selling pressure from end investors.

本文言語English
論文番号106615
ジャーナルJournal of Banking and Finance
144
DOI
出版ステータスAccepted/In press - 2022

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

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