Earticle

초록

영어

In this paper I establish the presence of seasonality in the cash flows to the U.S. domestic mutual funds. January is the month with the highest net cash flows to equity funds and December is the month with the lowest net cash flows. The large net flows in January are attributed to the increased purchases, and the small net flows in December are due to the increased redemptions. Thus, the turn-of-the-year period is the time that most mutual fund investors make their investment decisions. I offer the possible sources for the seasonality in mutual funds flows.

목차

Abstract
 1. Introduction
 2. Cash flows to mutual funds
  2.1. Data
  2.2. Net flows, inflows, and outflows
 3. Seasonal patterns in cash flows to mutual funds
  3.1 The effect of distribution on the negative net flows in December
  3.2 Seasonality tests in cash flows to mutual funds
 4. The turn-of-the-year effect and the turn-of-the-quarter effect in mutual fund flows
 5. What causes the seasonal patterns in mutual fund flows?
  5.1 Personal income and consumption
  5.2 Tax treatment of the distributions
  5.3 Style objectives of funds
  5.4 Past performance of funds
  5.5 Relative performance among style funds
 6. Concluding Remarks
 References
 Table
 Figure

저자

• Hyung-Suk Choi [ College of Business Administration Hongik University Seoul, Republic of Korea ]

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간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330