Abstract
This is a study about how performance influences on the behaviour of investors in Spanish domestic equity funds over an eight-year period. This is a broad timeframe given the relative immaturity of this market when compared to other more developed markets such as the American or English, among others. It is, in this respect, a pioneering and innovative study of the Spanish market.
Well-defined behavioural guidelines are found, with results indicating that investors tend to consider the results obtained by funds in a fairly immediate past though they take a relatively broad time before making their decisions.
Acknowledgements
The authors would like to express their thanks to the Spanish Directorate General for Higher Education for the award of Project PB97-1003, to the Regional Government of Aragon for the award of Projects P06/97 and 268-124, to Ibercaja for the award of Project 268-96 and 268-128 and to the University of Zaragoza for the award of funding through Research Projects 268-77, 268-84 and 268-93. Any possible errors contained in this paper are the exclusive responsibility of the authors.