Profile of Mutual Fund Shareholders, 2011

The second aim of this thesis is to investigate whether Thai mutual fund performance can be explained by any of its characteristics. The study examines statistic and economic importance of fund characteristics to its performance. In the literature, evidence is sparse and mixed on developed markets, let alone that on emerging markets. Rather than focusing on one particular characteristic, this study draws on the evidence from five important characteristics in the literature, which offer theoretical and empirical support. They comprise past performance, flows, longevity, fund size and family fund size. The study investigates the characteristics separately and also...