Abstract
We examine how investment advisors guide the decision-making process of mutual fund investor clienteles by comparing the flow-performance sensitivity of no-load funds and the three main classes of load fund shares, conditional on the state of the market and on fund-specific non-linear and asymmetric return patterns. Our results indicate that the association between flows and returns is different across mutual fund share classes and conclusions regarding the simple association between fund flows and performance change when more complex return patterns are incorporated into the analysis.
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