Borensztein, Eduardo R.; Gelos, R. Gaston - CESifo - 2001
This paper explores the behavior of emerging market mutual funds using anovel database covering the holdings of … individual funds over the periodJanuary 1996 to March 1999. An examination of individual crises shows that,on average, funds … withdrew money one month prior to the events. Thedegree of herding among funds is statistically significant, but moderate …