This paper explores inflows and outflows patterns in retail equity mutual funds related to past and future performance derived from detailed monthly security-level holdings of funds in the Czech Republic. We find that retail investors become sensitive to bad performance in times of aggregate illiquidity and while investing in funds that hold more illiquid assets. Moreover, we document that when facing illiquidity and deteriorating performance, under-performing equity investing funds experience lower investor purchases and a larger share of redemption requests. We observe similar investor behaviour in periods when retail investors face constraints on their disposable income.

中文翻译：

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零售资金流向和绩效：来自监管数据的见解

本文探讨了零售股票共同基金的流入和流出模式，这些模式与捷克共和国基金每月安全级别持有量的详细数据得出的过去和未来业绩相关。我们发现，在总体流动性不足的情况下，散户投资者在投资于持有更多非流动性资产的基金时，会对业绩不佳变得敏感。此外，我们发现，当面临流动性不足和业绩恶化时，表现不佳的股权投资基金的投资者购买量较低，赎回请求比例较高。当散户投资者的可支配收入受到限制时，我们观察到类似的投资者行为。