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1. 1. Regulating Sophistication: The Effects of Investor Discrimination

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Tomas Thörnqvist; [2009]
   Keywords : Mutual fund; Investor sophistication; Regulation; Return predictability; Smart money;

   Abstract : I argue that differences in regulation between Sweden and the United States has made the demand side of the Swedish mutual fund market more sophisticated than its American counterpart. Using a Swedish data set I find, in accordance with studies conducted on American data, that net flows are positively linearly correlated with past performance, and I also find evidence for a non-linear, convex relationship. READ MORE