This study aims to investigate whether fund investors change their investment fund type depending on the return change of assets such as stocks, bonds, and housing. For this purpose, we examine the substitution relation among the equity, bond, and real estate investment funds by employing the net inflow. In particular, investment funds are classified according to investment objective, investment region, and investor. The main findings are as follows: first, the stock return of change is not attributed to the substitution relation among equity, bond, and real estate investment funds, which remains consistent across investment region and investors. Second, the yield change of three-year treasury bonds is attributed to the substitution relation between equity and bond investment funds. That is, if the bond yield increases and the bond prices decrease in turn, then money will go to the ‘domestic’ equity funds and goes out of the ‘domestic and international’ bond funds. The substitution relation is revealed between ‘publicly placed’ equity and ‘publicly and privately placed’ bond investment funds. Third, housing return of change is attributed to the substitution relation between domestic and international real estate investment funds. This implies that if housing prices rise, then money will go into the ‘domestic’ real estate investment funds and go out of ‘international’ real estate investment funds. The substitution relations among investment funds suggest that fund investors consider the return change of assets when determining investment funds.

中文翻译：

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基金投资者考虑资产收益吗？韩国投资基金的替代关系

本研究旨在探讨基金投资者是否根据股票、债券、住房等资产的收益变化而改变其投资基金类型。为此，我们采用净流入来检验股票、债券和房地产投资基金之间的替代关系。其中，投资基金根据投资对象、投资地区、投资人进行分类。主要发现如下：第一，股票收益变化不归因于股权、债券和房地产投资基金之间的替代关系，在不同投资区域和投资者之间保持一致。其次，三年期国债收益率变化归因于股权与债券投资基金的替代关系。那是，如果债券收益率上升，债券价格依次下降，那么资金将流向“国内”股票基金，流出“国内和国际”债券基金。揭示了“公募”股权与“公募和私募”债券投资基金之间的替代关系。第三，住房收益变化归因于国内外房地产投资资金的替代关系。这意味着，如果房价上涨，那么资金将流入“国内”房地产投资基金，流出“国际”房地产投资基金。投资基金之间的替代关系表明，基金投资者在确定投资基金时要考虑资产收益的变化。那么资金将流向“国内”股票基金，流出“国内和国际”债券基金。揭示了“公募”股权与“公募和私募”债券投资基金之间的替代关系。第三，住房收益变化归因于国内外房地产投资资金的替代关系。这意味着，如果房价上涨，那么资金将流入“国内”房地产投资基金，流出“国际”房地产投资基金。投资基金之间的替代关系表明，基金投资者在确定投资基金时要考虑资产收益的变化。那么资金将流向“国内”股票基金，流出“国内和国际”债券基金。揭示了“公募”股权与“公募和私募”债券投资基金之间的替代关系。第三，住房收益变化归因于国内外房地产投资资金的替代关系。这意味着，如果房价上涨，那么资金将流入“国内”房地产投资基金，流出“国际”房地产投资基金。投资基金之间的替代关系表明，基金投资者在确定投资基金时要考虑资产收益的变化。第三，住房收益变化归因于国内外房地产投资资金的替代关系。这意味着，如果房价上涨，那么资金将流入“国内”房地产投资基金，流出“国际”房地产投资基金。投资基金之间的替代关系表明，基金投资者在确定投资基金时要考虑资产收益的变化。第三，住房收益变化归因于国内外房地产投资资金的替代关系。这意味着，如果房价上涨，那么资金将流入“国内”房地产投资基金，流出“国际”房地产投资基金。投资基金之间的替代关系表明，基金投资者在确定投资基金时要考虑资产收益的变化。