공모 주식형펀드의 순자금유입 분석: 개인과 기관 투자자 비교

Since the proportion of institutional investors in equity investment funds is getting larger in the U.S. and Korea, this study aims to examine the net fund flow of equity funds by investor. The main findings are as follows: first, the net outflow of the Korean individual investors is bigger than that of the U.S. In contrast, the net inflow from institutional investors in Korea is less than the U.S. That implies that the higher proportion of the institutional investors in Korea is due to the decrease of individual investors, which is different from U.S. Second, the individual investors in the U.S. and Korea are affected by stock return. In particular, the Korean individual investors are affected by institutional investors too. In contrast, the institutional investors of the U.S. are affected by stock returns and business cycle while Korean institutional investors are not affected by them. This study finds that the individual and institutional investors of equity investment funds are affected by different factors.