Seasonality in mutual fund flows

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8 Scopus citations


In this paper the author established the presence of seasonality in cash flows to U.S. domestic mutual funds. January is the month with the highest net cash flows to equity funds and December is the month with the lowest net cash flows. The large net flows in January are attributed to increased purchases, and the small net flows in December are due to increased redemptions. Thus, the turn-of-the-year period is the time that most mutual fund investors make their investment decisions.

Original languageEnglish
Pages (from-to)715-726
Number of pages12
JournalJournal of Applied Business Research
Issue number2
StatePublished - 2015

Bibliographical note

Publisher Copyright:
© author(s); CC-BY.


  • Mutual fund flows
  • Performance of mutual funds
  • Seasonality test
  • Tax treatment
  • Turn-of-the-year effect


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