This study analyzes the demand for conventional and socially responsible (SR) mutual funds using cash flow data from a large sample of U.S. equity funds. For both types of funds, previous results have a positive impact on inflows. However, redemptions' behavior differs. Outflows correlate negatively with past results in conventional portfolios, whereas this relationship is positive for SR funds: investors are more likely to redeem shares in the best-performing funds while holding funds that performed poorly. This behavior is compatible with a disposition effect in SR funds. These results hold even after controlling for other variables driving mutual fund demand. Hence, inflows and outflows of conventional funds were found to be positively related to past idiosyncratic risk, expenses and turnover, but negatively related to size and age. For SR funds, these relationships are stronger for size and idiosyncratic risk, and take the opposite sign for age, expenses and turnover.

中文翻译：

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投资者行为和对传统和对社会负责的共同基金的需求

本研究使用来自美国股票基金的大量样本的现金流数据分析了对传统和社会责任 (SR) 共同基金的需求。对于这两种类型的基金，之前的结果都对资金流入产生了积极影响。但是，赎回的行为有所不同。流出与传统投资组合的过去结果呈负相关，而这种关系对 SR 基金是积极的：投资者更有可能赎回表现最好的基金的股票，同时持有表现不佳的基金。这种行为与 SR 基金中的处置效应相容。即使在控制了驱动共同基金需求的其他变量之后，这些结果仍然成立。因此，发现传统基金的流入和流出与过去的特殊风险、费用和营业额呈正相关，但与规模和年龄呈负相关。