Resumo

GARCIA, Mercedes Alda; VICENTE RENE, Ruth  e  FERRUZ AGUDO, Luis. Flow-performance Relation in Pension Funds and Investment Funds in Spain. Innovar [online]. 2015, vol.25, n.57, pp.93-106. ISSN 0121-5051.

The objective of this study is to analyze if investors of pension funds and investment funds consider the performance achieved by the fund in the same way as when they make decisions on investments. Specifically, throughout this paper, we compare different performance measures and analyze the relationship between flows and performance from a comparative view among spanish pension funds and investment funds of global equity, from January 1999 until December 2013. Additionally, we study whether the results change depending on the size of the funds and their position in the market, perceiving certain differences by size, especially in small funds. Results show that, although the performance of investment funds is a little superior, both types of investors consider the performance achieved by the fund for making an investment decision. Finally, this study concludes that pension investors penalize that the fund goes away from the index of reference, while investment funds members reward good marks, regardless of the result in relation to the market.

Palavras-chave : Performance; flows; investment funds; pension funds.

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