According to research from Deutsche Asset & Wealth Management, in response to disappointing returns, investors in Poland or Hong Kong are likely to sell their mutual funds, compared to those in Luxembourg or Australia. Poland and Hong Kong and larger inflows and outflows of mutual funds in response to market trends, compared to New Zealand, Australia and Luxembourg, where investors are more tolerant of losses.
You can find the most patient investors in Germany, Sweden Belgium, Switzerland and Finland. The least patient reside in Chile, Italy and Russia. Research showed that countries that had lower levels of patience, such as Russia, had more volatile mutual fund flows than those countries that had higher levels of patience such as Sweden, with less short-term trades.
SOURCE: Financial Times 18/08/2013