Comparison of the Influence of Net money 
Flow by Individual Investors into Fixed Income Fund, 
Gold fund and Equity in the Capital Market

behzadi soufiani, mohsen; shahbazi, mohammad

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Volume 34, Issue 117 (quarterly journal of economic research and policies 2026)

qjerp 2026, 34(117): 110-155

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Comparison of the Influence of Net money Flow by Individual Investors into Fixed Income Fund, Gold fund and Equity in the Capital Market

Mohsen Behzadi soufiani ^*

, Mohammad Shahbazi

Department of Theoretical Economics , m.behzadi71@ut.ac.ir

Abstract: (464 Views)

Many factors affect net money flow to financial markets, and economic uncertainties will change the flow. Macroeconomic factors and market fundamentals are indicators that are considered in the decisions of investors, especially individual ones. This study seeks to examine the impact of these factors on the stock markets, fixed-income funds, and gold funds in the Iranian capital market. Using ARDL model with daily data and a frequency of 5 days a week in the period from 2020/10 to 2024/12 in order to examine the short and long term, the risk-free interest rate has a positive and significant effect on driving money into fixed income funds, but it has a negative or insignificant effect on the other two. Exchange rate growth has a positive effect on the net money flow into gold funds and stocks in short and long terms. While for fixed income funds, this issue is reversed. The growth of stock index and the growth of the value of trade have a negative impact net money flow into fixed income funds and gold funds, which is in line with expectations. It is noteworthy that the P/E ratio and return on equity and return on assets have a negligible impact, indicating the dominant role of important macroeconomic rates, namely interest rates and exchange rates, in the considered period.

Keywords: Capital Market, Net money flow by individual investors, Fixed-income Funds, Gold Funds, Stock

Full-Text [PDF 983 kb] (168 Downloads)

Type of Study: Research | Subject: Special

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behzadi soufiani M, shahbazi M. Comparison of the Influence of Net money Flow by Individual Investors into Fixed Income Fund, Gold fund and Equity in the Capital Market. qjerp 2026; 34 (117) :110-155
URL: http://qjerp.ir/article-1-3731-en.html

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