The effect of financial crisis on the flow determinants of Finnish fixed income funds

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi Mäkinen, Jesper 2011-11-14T11:23:36Z 2011-11-14T11:23:36Z 2010
dc.description.abstract PURPOSE OF THE STUDY The objective of this study is to analyze the determinants of Finnish fixed income fund flows before and during the financial crisis of the beginning of the 21st century. The study concentrates on the differences between bank related and non-bank related fixed income fund flow determinants. The time period is divided into two subsamples, of which the first is the Pre-crisis period and the second the Crisis period. In addition, the study will examine more closely the behavior of a few selected money market funds during the financial crisis. DATA The data is gathered from Mutual Fund Reports provided by Investment Research Finland. The sample consists of all the fixed income funds registered in Finland. The flow determinants are examined monthly during a sample period of January 2004 - December 2009. RESULTS The results indicate that some of the flow determinants changed during the Crisis period but no new determinants were found. The existence of asymmetric reaction to past performance documented in the earlier literature cannot be confirmed. The findings confirm that bank related fund flows are related to performance measures during both sub- periods. en
dc.format.extent 84
dc.language.iso en en
dc.title The effect of financial crisis on the flow determinants of Finnish fixed income funds en
dc.type G2 Pro gradu, diplomityö fi Kauppakorkeakoulu fi School of Economics en
dc.contributor.department Department of Accounting and Finance en
dc.contributor.department Laskentatoimen ja rahoituksen laitos fi
dc.subject.keyword Fixed income funds
dc.subject.keyword external fund growth
dc.subject.keyword mutual fund flow
dc.subject.keyword investor behavior
dc.subject.keyword financial crisis
dc.identifier.urn URN:NBN:fi:aalto-201111181416
dc.type.dcmitype text en
dc.programme.major Finance en
dc.programme.major Rahoitus fi
dc.type.ontasot Master's thesis en
dc.type.ontasot Pro gradu tutkielma fi
dc.subject.helecon rahoitus
dc.subject.helecon financing
dc.subject.helecon rahoitusmarkkinat
dc.subject.helecon financing markets
dc.subject.helecon kriisi
dc.subject.helecon crisis
dc.ethesisid 12372 2010-09-08
dc.location P1 I

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