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首页> 外文期刊>Management Dynamics in the Knowledge Economy >The Evolution of Non-Banking Financial Markets in Hungary: The Case of Mutual Funds
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The Evolution of Non-Banking Financial Markets in Hungary: The Case of Mutual Funds

机译：匈牙利非银行金融市场的演变：相互资金的案例

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The non-banking sector has an important place in financial markets. Therefore, the performance of financial markets can be looked at in different countries by analyzing the evolution of mutual funds, in terms of their inflows and outflows. This is even more important in the recent period, due to the recent global financial distress. Numerous studies, most of them conducted in the US, illustrate that flows are highly dependent on the previous performance and that a common behavior of investors is rather to look for highly performing funds than to give up the poorly performing ones. This paper studies the flows of funds into and out of Hungarian mutual funds during the period 2007-2014. The evolution of the mutual funds market depends on investor’s behavior and the paper analyzes the behavior of investors. The paper also tries to evaluate if and how the financial crisis affected the investing behavior of Hungarian investors. The main findings of the research illustrate that there are a number of factors that influence the way investors make their decisions. Among those fund flows in the previous month is the factor that influences the most the current flows, illustrating that Hungarians invest only in funds that attracted previously more new money. Other factors with a significant influence on the investors’ behavior are the size of the fund (measured through the net assets) and the risk (measured through the standard deviations of returns). The factor that surprisingly seems to have less influence on Hungarian inv estors’ decisions is the performance either measured as the evolution of the fund category or the rank and the square rank of the fund in its category. Another important finding was that data proved that the financial crisis had an impact on the capital market in Hungary, as investments decreased in that particular period and mutual funds performances were lower.
机译：非银行业在金融市场中有一个重要的地方。因此，在流入和流出方面，可以通过分析相互资金的演变来研究金融市场的表现。由于最近的全球财务困境，这在最近一段时间内更为重要。许多研究，其中大多数在美国进行，说明流量高度依赖于之前的性能，投资者的共同行为是寻找高度表现的资金，而不是放弃不良的表现。本文在2007 - 2014年期间研究了匈牙利共同基金的资金流量。共同基金市场的演变取决于投资者的行为，论文分析了投资者的行为。本文还试图评估金融危机是否影响匈牙利投资者的投资行为。该研究的主要结果表明，有许多因素影响投资者做出决定的方式。在上个月的那些基金流动中，影响最新流量的因素，说明匈牙利人仅投资于吸引以前更多新资金的资金。对投资者行为产生重大影响的其他因素是基金（通过净资产计量）的规模和风险（通过回报标准偏差衡量）。令人惊讶的是对匈牙利境内境内的决定影响较小的因素是作为基金类别的演变或基金中的基金的演变的表现。另一个重要的发现是，数据证明，金融危机对匈牙利的资本市场产生了影响，因为该特定时期的投资减少，相互资金表演较低。

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