The impact of superannuation fund choice legislation and the global financial crisis on Australian retail fund flows

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Author(s)
Gupta, Rakesh
Jithendranathan, Thadavillil
Griffith University Author(s)
Year published
2015
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We examine the extent to which cash flows into the Australian superannuation funds are affected by the past
performance of the fund, the riskiness of the fund, the choice of superannuation fund legislation, and the global
financial crisis. Both retail and wholesale investors base their investment decisions on the past performance of the
funds. There is little evidence that the riskiness of the fund returns has any significance effect on the flow of funds.
Legislation has resulted in more inflows into managed funds. There is more inflow into managed funds and equity
funds since the period of the global financial crisis.We examine the extent to which cash flows into the Australian superannuation funds are affected by the past
performance of the fund, the riskiness of the fund, the choice of superannuation fund legislation, and the global
financial crisis. Both retail and wholesale investors base their investment decisions on the past performance of the
funds. There is little evidence that the riskiness of the fund returns has any significance effect on the flow of funds.
Legislation has resulted in more inflows into managed funds. There is more inflow into managed funds and equity
funds since the period of the global financial crisis.
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Journal Title
Financial Services Review: the journal of individual financial management
Volume
24
Publisher URI
Copyright Statement
© 2015 Academy of Financial Services. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
Subject
Investment and Risk Management
Accounting, Auditing and Accountability
Banking, Finance and Investment