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Determinants of money flows into investment trusts in Japan

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  • Shinozawa, Yoshikatsu
  • Vivian, Andrew

Abstract

This study investigates determinants of net money (fund) flows of Japanese investment trusts. This paper employs a pooled regression technique that can distinguish between the impact on fund flow of raw performance and market-adjusted performance. This paper also investigates the impact of fund affiliation with large financial groups on the flow-performance sensitivity as the Japanese fund industry is often portrayed as being “fee-hungry” where large groups play an influential role.

Suggested Citation

  • Shinozawa, Yoshikatsu & Vivian, Andrew, 2015. "Determinants of money flows into investment trusts in Japan," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 37(C), pages 138-161.
    • Handle: RePEc:eee:intfin:v:37:y:2015:i:c:p:138-161
    DOI: 10.1016/j.intfin.2015.02.005
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