The standard disclaimer in the prospectus of any mutual fund reminds investors that "past performance is not necessarily indicative of future results." Despite the disclaimer, arguably a large fraction of investors looks at recent past performance to form expectations about future returns and...

This paper empirically investigates the performance of market-timing strategies e↵ectively used by investors in Emerging Markets (EMs). We identify short-term determinants of mutual fund flows into EM equity and fixed income, finding a wellestablished flows-performance relation. Hence, we...

This paper investigates how cyclical variables drive net aggregate fund flows towards emerging markets (EMs). Through the aggregation of net flows of all open-end dedicated funds, the analysis finds that flows in equity and fixed income are driven by recent past performance in both developed and...

This paper empirically investigates the performance of market-timing strategies effectively used by investors in Emerging Markets (EMs). We identify short-term determinants of mutual fund flows into EM equity and fixed income, finding a well-established flow-performance relation. Hence, we...