Abstract
By a variety of measures, mutual funds have grown dramatically as vehicles for investing in portfolios of stock, and funds have become major players in equity markets. Just how important are mutual fund flows in explaining stock market movements? Investment and business news media normally focus on earnings growth, interest rate movements, and other typical financial and economic indicators. This study of the importance of mutual fund flows presents evidence that mutual fund flows may be a significant factor in explaining monthly movements in stock market returns.
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