Criterios de decisión de inversión en fondos monetarios

Abstract

This paper investigates the determinants of investment decisions on Spanish money market funds. It belongs, therefore, to the growing area of behavioural finance. The study offers a double perspective because it analyses both money and investor flows. The empirical evidence shows that past return is the key factor in fund purchase decisions; whereas risk loses the influence shown in equity funds. Higher fees restrain inflows though their negative impact softens as fees increase. Decision variables such as fund size, management company size or the flow into the category are also included in our analysis. In view of the analysis of different subsam-ples, we conclude that it is important to distinguish market states and domestic fund in dus tries con side ring their specific features.