This paper studies mutual fund flow behavior of Thai equity funds from 2002 to 2009 using panel regression analysis. Two research questions are motivated in this study. First, what are determinants of mutual fund flows? Second, do investors have ability in selecting outperforming funds? Results show that investors employ both financial and non-financial information in making decision. Mutual fund flows are positively related to past performance and size of management companies. In contrast, mutual fund flows are negatively related to its size and age. I find no evidence that investors can distinguish outperforming funds from the bad ones. Finally, general and tax-benefit fund investors employ different criteria in selecting equity funds. While general fund investors use past returns as a primary factor, tax-benefit fund investors employ both past returns and fund characteristics for their decisions.
Mutual Funds, Fund Flows, Smart Money, Emerging Markets, Performance, กองทุนรวม, กระแสเงินสด, ตลาดเกิดใหม่, ผลการดำเนินงาน