Investigating factors affecting demand in mutual funds, focusing on cash flows.

Demand for investment in mutual funds can be measured as the total net cash flows experienced by the fund during a period. On the other hand, many authors estimate the net cash flows using fund size and return information. This method provides a good estimate of cash flows. Therefore, two methods can be used to calculate net cash flows and analyze the factors affecting each of them. This study uses monthly data from 41 mutual funds from February 2012 to October 2017 using a panel method to test hypothesizes. The results show that the implicit flows are an appropriate measure for estimating net cash flows, but there are a few errors in its calculations. The results also indicate that variables such as returns, risk and lagged cash flows have a significant effect on investors' demands for investment funds.