PT  - JOURNAL ARTICLE
AU  - Ines Gargouri
AU  - Lawrence Kryzanowski
TI  - Equity Fund Flows and Performance around Economic Recessions
AID  - 10.3905/jwm.2016.19.3.099
DP  - 2016 Oct 31
TA  - The Journal of Wealth Management
PG  - 99--115
VI  - 19
IP  - 3
4099  - https://pm-research.com/content/19/3/99.short
4100  - https://pm-research.com/content/19/3/99.full
AB  - The relation between net fund flows and performance is examined around the two most recent U.S. economic recessions for U.S. equity funds. Post-recessionary period net fund flows are positively (negatively) correlated with absolute (peer-relative) performance for the early 2000s recession, and with absolute and peer-relative performance for the Great Recession (the most recent one) according to nonparametric measures. Empirical copulas in the extreme left tails indicate a positive dependence for the early 2000s recession, and independence for the Great Recession between performance and net fund flows.TOPICS: Mutual funds/passive investing/indexing, security analysis and valuation, financial crises and financial market history, performance measurement