International equity funds, performance, and investor flows: Australian evidence

David R. Gallagher, Elvis Jarnecic*

*Corresponding author for this work

Research output: Contribution to journalArticleResearchpeer-review

17 Citations (Scopus)


This is the first paper in the Australian literature to examine the investment performance of actively managed international equity funds (domiciled in Australia). Both institutional and retail international equity funds are assessed together with the impacts of investor fund flows on portfolio returns. Performance is also evaluated using conditional measures that account for public information in the global economy, however, despite an improvement in the measurement of risk-adjusted returns, performance remains consistent with an efficient global market. These findings support prior research, which concludes that active management does not provide investors with superior returns to passive indices. When consideration is given to the liquidity service provided by active managers, fund flows are shown to negatively impact on performance.

Original languageEnglish
Pages (from-to)81-95
Number of pages15
JournalJournal of Multinational Financial Management
Issue number1
Publication statusPublished - Feb 2004
Externally publishedYes


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