The Determinants of Performance and Investment Flows of Russian Mutual Funds

Student: Lykosova Ekaterina

Educational Programme: Financial Markets and Financial Institutions (Master)

Final Grade: 9

Year of Graduation: 2016

This paper investigates the determinants of performance and investment flows in Russian mutual funds with particular attention on the impact of merger of mutual funds and on the Fund's performance and attractiveness to investors. The work was conducted using a sample of 83 Russian mutual funds involved in 49 merger transactions in 2014-2015. The period of observation is 2007-2015. Results show the positive impact of current inflows and the size on fund's excess return and the negative impact of the age of fund. The flow of funds is positively related to the profitability of the current period and the size of the fund, and the negatively - to the age of the fund and its subscription fees. Both cases show a significant impact of time effects. The results of the impact of mergers are mixed.

Full text (added May 15, 2016)

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