Abstract
We tested the relationship between flow-return and flow-fund characteristics relationship under different fund sizes by using quantile regression. We found that insured investors’ purchase-performance is better than non-insured investors. We found that the relationship between fund inflows and fund performance was stronger among the insured investors of both large-scale and small-scale funds than it was among the noninsured investors. In addition, deferred compensation rates also influenced the purchases and redemptions of the insured investors of large-scale funds. The relationship with performance was enhanced as purchase amounts increased.
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