%0 Journal Article %A Vikram K. Srimurthy %A Steven Shen %A Matthew Smalbach %T Fund Flows as Country Allocator %D 2018 %R 10.3905/jai.2018.21.3.087 %J The Journal of Alternative Investments %P 87-95 %V 21 %N 3 %X In this article, the authors find significant positive returns over a forward one-month holding period for strategies that buy in countries that have attracted indirect investment via equity fund flows and sell in countries that have not. They find that the profitability of these strategies is independent of the momentum effect as well as the size effect.TOPICS: Global, information providers/credit ratings, analysis of individual factors/risk premia, performance measurement %U https://jai.pm-research.com/content/iijaltinv/21/3/87.full.pdf