The past decade's bull market in U.S. stock market and the experience in recent Asian financial crisis raised interesting questions on the impact of institutional investors (mutual funds, pension funds and hedge funds) on financial markets. Mutual funds in US have experienced unprecedented...

This article examines the relationship between aggregate monthly mutual fund flows (sales, redemptions and net sales) and stock and bond market returns from 1961 through 1996. The sharp growth of mutual funds in recent years has raised concerns about whether mutual fund are responsible for the...

The decline in the growth rate of the national economy as shown in the statistics of the first half of 1986 has aroused the concern of theoreticians. Some people regard this as a danger signal and cast blame on the policy of macroeconomic control carried out since 1985. Others believe that a...