Using Stepwise Reality Check to Analyze Open-end Fund Investors’Herding Redemption in Taiwan

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Nan-Yu Wang ; Chih-Jen Huang ; Ying-Lin Hsu ; Shian-Chang Huang (2015)
  • Publisher: İlhan ÖZTÜRK
  • Journal: International Journal of Economics and Financial Issues, volume 5, issue 1, pages 260-272 (issn: 2146-4138, eissn: 2146-4138)
  • Subject: Herding redemption; Financial stability; Stepwise Reality Check | Herding redemption, Financial stability, Stepwise Reality Check
    • jel: jel:C1 | jel:G2 | jel:M1

This study aims to examine whether funds with illiquid assets exhibit stronger sensitivity of redemption outflows to bad past performance than funds with liquid assets. An important aspect of our study is whether large outflows should damage future fund performance in i... View more
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