Browsing by Author "Huttunen, Henry"
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- Spillage Effect in the Finnish Mutual Fund Market
School of Business | Bachelor's thesis(2023) Huttunen, HenryThis paper explores whether top or bottom-performing funds have a spillage effect on fund families or the associated fund provider. The paper replicates a popular US study and implements it in the Finnish market. In comparison to prior work in the Finnish market, this study uses significantly larger underlying data, differing modeling choices, and an update of two decades in the sample period. However, the paper does not find statistical significance for the spillover effect. Instead, it draws conclusions on the overall netflow relationship present in the Finnish market and investors’ neglect of fund-level characteristics in their investment decisions.