Flight-to-Quality, Economic Fundamentals, and Stock Returns

CFA Digest
December 2017 | Vol. 47 | No. 12
Source: CFA Institute
Aditya Kaul Nuri Volkan Kayacetin
Vassilis Efthymiou, CFA (Reviewer)



A flight-to-quality pressure, as measured by the evident flow of funds from large-cap stocks to small-cap stocks, seems to have significant explanatory power in predicting such future macroeconomic fundamentals as real GDP growth, the slope of the rate curve, and the growth of corporate earnings and dividends.

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