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determinants of flows into retail international equity strongfundsstrong.pdf

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determinants of flows into retail international equity strongfundsstrong

Journal of International Business Studies (2008) 39, 1169–1177 2008 Academy of International Business All rights reserved 0047-2506 Determinants of flows into retail international equity funds Xinge Zhao Abstract Diversification benefits appear to be a major reason why investors choose China Europe International Business School, international equity funds. Funds less correlated with the US market tend to Shanghai, China receive higher flows from investors. In addition, investors prefer funds that invest in a diversified portfolio of securities from different regions in the Correspondence: world to funds that focus only on a specific region. Risk-adjusted return is X Zhao, China Europe International shown to exert greater effect on flows into international equity funds than Business School (CEIBS), 699 Hongfeng raw return. International equity funds from fund families offering a greater Road, Pudong, Shanghai 201206, China. Tel: þ 86 21 number of investment objectives also receive higher flows. On the other hand, Fax: þ 86 21 international equity fund investors do not appear to be sensitive to expenses or E-mail: zxinge@ exchange rates. Journal of International Business Studies (2008) 39, 1169–1177. doi:10.1057/palgrave.jibs.8400408