Flow

Clicks: 35
ID: 327074
2026
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Abstract
Abstract Performance chasing is pervasive in active mutual funds, index mutual funds, and ETFs, with positive flow-performance sensitivity evident in both broad-based and niche funds and for the skill and nonskill components of returns. The sensitivity of ETFs is greatest, with insignificant differences between active and index mutual funds. The heightened sensitivity of ETFs is not explained by benchmark design or exchange trading, and is amplified by institutional ownership. Institutional trading of ETFs follows a momentum strategy, rather than flow management or benchmarking. Institutional herding and the outsourcing of investment management to model portfolios heightens the performance sensitivity of ETF flows. (JEL G10, G11, G23)
Reference Key
openalex_W7204968245 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Caitlin Dannhauser, Jeffrey Pontiff
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Journal review of financial studies
Year 2026
DOI
10.1093/rfs/hhag080
URL
https://doi.org/10.1093/rfs/hhag080
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