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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 50, No. 6, pp.1621-1640
ISSN: 1226-1874 (Print)
Print publication date 31 Dec 2021
Received 14 Jun 2021 Revised 06 Aug 2021 Accepted 17 Aug 2021
DOI: https://doi.org/10.17287/kmr.2021.50.6.1621

코로나19 위기 시 주식형 펀드의 성과와 현금흐름

Inwook Song ; Yongwon Kim ; Young Kyu Park
(First Author) Adjunct professor, Sungkyunkwan University, Business School iwsong@kfr.co.kr
(Co-Author) Sungkyunkwan University, Business School yong1study@g.skku.edu
(Corresponding Author) Professor, Sungkyunkwan University, Business School ykpark@skku.edu
The Equity Fund Performance and Flow during Covid-19 Crisis in Korea


Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

This study analyzes the performance and cash flow of domestic equity funds during the Covid-19 crisis. The results of this study are as follows. First, during the high volatility stock market period(the crash, recovery period), funds underperform the market index, but the outperformance of funds emerge in the period of the bull market. Second, the size factor is the main factor that discriminates the fund’s performance. Third, there is a positive(+) relationship between previous performance and performance during a crisis. Fourth, during the recovery and the bull market period, funds with higher fund fees generate more returns. Fifth, funds with good previous performance experience higher cash inflow during the crash period, while there is no significant relationship with the previous performance during the recovery period and the bull market period.

Keywords:

Covid-19, Equity Fund, Fund Performance, Fund Flows, Investment Style

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∙ The author Inwook Song works for Korea Fund Ratings and adjunct professor at School of business, Sungkyunkwan University. He graduated bachelor’s degree from the department of mathematics and received a master’s degree and Ph.D. in finance from Sungkyunkwan University. After receiving a master’s degree, he worked as a director of the research center and the research institute in Korea Fund Ratings. His main research interests include investment, portfolio theory, and asset management of pension and funds.

∙ The author Yongwon Kim is a doctoral student in finance at Sungkyunkwan university. He graduated bachelor’s degree and master’s degree in economics from Hanyang University. His main research interests include fund management and social network.

∙ The author Young Kyu Park is a Professor of Finance at Sungkyunkwan University School of Business. His main research interests include investments, fund management, and international finance. He holds his B.A., MBA, and Ph.D. from the University of Minnesota, Columbia University, and George Washington University.