2021-01-282019-01-011873-592410583300WOS;000457610200006http://hdl.handle.net/10784/25335This paper examines how investors in an emerging market react to a domestic financial crisis. We conjecture that risk aversion increases following such events and that the effect is more pronounced among specific groups of investors. Our study makes use of a unique dataset of mutual fund investors from one of Colombia's largest stock brokers. Our results reveal that women and self-employed individuals make the largest withdrawals from risky funds after financial crises.enghttps://v2.sherpa.ac.uk/id/publication/issn/1058-3300info:eu-repo/semantics/articlefinancial crisisfund flowsindividual investorrisk aversion2021-01-28Byder, JAgudelo, DAArango, Ivan Dario10.1002/rfe.1038