Returns and Fund Flows in Canadian Mutual Funds

  • Rajeeva Sinha
  • Vijay Jog
Part of the Finance and Capital Markets Series book series (FCMS)

Abstract

With nearly $440bn in assets and 51 million account holders by the end of the year 2003 in Canada, mutual funds now occupy a prominent position among financial intermediaries. The 1990s witnessed an explosive growth in mutual funds in Canada; the number of accounts grew nearly tenfold during this period. A similar growth in mutual fund assets has been reported in many countries around the world.

Keywords

Mutual Fund Fund Flow Performance Persistence Equity Mutual Fund Investment Company Institute 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Brown, S. J. and Goetzmann, W. N. (1995) “Performance Persistence”, Journal of Finance, 50 (2): 679–98.CrossRefGoogle Scholar
  2. Brown, K. C., Harlow, W. V. and Starks, L. T. (1996) “Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry”, Journal of Finance, 51 (1): 85–109.CrossRefGoogle Scholar
  3. Chevalier, J. and Ellison, G. (1997) “Risk Taking by Mutual Funds as Response Incentives”, Journal of Political Economy, 105 (6): 1167–200.CrossRefGoogle Scholar
  4. Choi, J., Laibson, D. and Metrick, A. (2000), “Does the Internet Increase Trading? Evidence From Investor Behaviour in 401(K) Plans”, NBER Working Paper no. 7878.Google Scholar
  5. Deaves, R. (2004) “Data Conditioning Biases, Performance, Persistence and Flows: The Case of Canadian Equity Funds”, Journal of Banking and Finance, 28 (3): 673–94.CrossRefGoogle Scholar
  6. Elton, E., Gruber, M. and Blake, C. (1996) “Survivorship Bias and Mutual Fund Performance”, Review of Financial Studies, 9 (4): 1097–120.CrossRefGoogle Scholar
  7. Goetzmann, W. and Ibbotson, R. (1994) “Do Winners Repeat? Patterns in Mutual Fund Behaviour”, Journal of Portfolio Management, 20 (2): 9–18.CrossRefGoogle Scholar
  8. Gruber, M. (1996) “Another Puzzle: The Growth in Actively Managed Mutual Funds”, Journal of Finance, 51 (3): 783–807.CrossRefGoogle Scholar
  9. Hendricks, D., Patel, J. and Zeckhauser, R. (1993) “Hot Hands in Mutual Funds: Short-Run Persistence of Relative Performance”, 1974–1988, Journal of Finance, 48(1): 93–130.CrossRefGoogle Scholar
  10. ICI (Investment Company Institute) (2001) “Redemption Activity of Mutual Fund Owners”, Fundamentals, 10 (1): 1–5.Google Scholar
  11. Jensen, M. (1968) “The Performance of Mutual Funds in the Period 1945–1964”, Journal of Finance, 23 (2): 389–416.CrossRefGoogle Scholar
  12. Malkiel, B. (1995) “Returns From Investing in Equity Mutual Funds 1971–1991”, Journal of Finance, 50 (2): 549–73.CrossRefGoogle Scholar
  13. Nesbitt, S. L. (1995), “Buy High, Sell Low: Timing Errors in Mutual Fund Allocations”, Journal of Portfolio Management, 22 (1): 57–60.CrossRefGoogle Scholar
  14. Odean, T. (1998) “Are Investors Reluctant to Realize Their Losses?”, Journal of Finance, 53 (5): 1775–98.CrossRefGoogle Scholar
  15. Shefrin, H. and Statman, M. (1985) “The Disposition Effect”, Journal of Finance, 40 (3): 777–90.CrossRefGoogle Scholar
  16. Sirri, E. R. and Tufano P. (1998) “Costly Search and Mutual Fund Flows”, Journal of Finance, 53 (5): 1589–622.CrossRefGoogle Scholar

Copyright information

© Rajeeva Sinha and Vijay Jog 2007

Authors and Affiliations

  • Rajeeva Sinha
  • Vijay Jog

There are no affiliations available

Personalised recommendations