Prof Nilesh Gupta co-authored paper on ‘Prospect theory preferences and global mutual fund flows’ has been published in Journal of International Money and Finance (JIMF), an ABDC A-ranked journal. Prof Gupta along with his co-authors - Prof. Anil Mishra (Western Sydney University) and Prof. Joshy Jacob (IIM Ahmedabad) - examine the influence of Cumulative Prospect Theory (CPT) characteristics of fund returns on investment flows with a cross-country data of equity mutual funds. The study revealed that a larger CPT value of the style-adjusted past returns is associated with higher fund flows in the subsequent quarter. The impact is greater for retail-oriented funds, relatively younger funds, and those with higher active share.
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