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JOURNAL OF ACCOUNTING AND FINANCE
Investor Behavior during the Financial Crisis: An Examination of Mutual
Fund Cash Flows
Author(s): Vaneesha Boney
Citation: Vaneesha Boney, (2012) "Investor Behavior during the Financial Crisis: An Examination of Mutual Fund Cash Flows," Vol. 12, Iss. 3, pp. 180 - 187
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This paper examines aggregate mutual fund cash flows to determine whether investors move money in and out of 6 mutual fund investment objectives differently over bull and bear market cycles. This question is examined by analyzing periods before and during the bear market of 2008. Information on how investors shift assets given market cycles provide valuable information to asset managers and adds to the literature on investor psychology and market cycles. Results indicate that new money or those investors purchasing into a mutual fund family may be more rational than those redeeming or selling out of a mutual fund family.
