The Determinants of Flows into Retail International Equity Funds

Xinge Zhao (First Author)

Research output: Contribution to journalJournal

5 Citations (Web of Science)


International equity fund investors do not flock into funds with the highest recent raw returns but pay more attention to risk-adjusted performance. Except for the riskiest investment objectives, investors chase investment objectives with high returns. While international growth fund investors flock into larger and less risky funds, regional fund investors invest more in smaller funds. Investments in regionally diversified funds are more likely to be treated by investors as a swing component in their total asset mix. A stronger U.S. dollar leads investors to increase their investments in European equity funds but to stay away from the riskier developing markets equity funds. International equity fund investors do not appear to be sensitive to expenses or subject to the influence of marketing or sales efforts.
Original languageEnglish
Pages (from-to)1169-1177
JournalJournal of International Business Studies
Issue number7
Publication statusPublished - 2008

Corresponding author email


  • Fund Flows
  • International Equity Funds
  • Investor Behavior
  • Mutual Funds

Indexed by

  • FT
  • ABDC-A*
  • Scopus
  • SSCI


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