In particular, we first ask whether monetary policy shocks in the U.S. can help explain ag- gregate fund flows across different asset classes and investment styles. Second, we evaluate the price impact of fund
To avoid any selection bias due to the adjustment of the MSCI and Morningstar databases, we restrict our initial sample to institutional mutual funds (assets under management larger than USD/EUR 100 million) because both data providers have excellent coverage on this market segment (sharing ...