1932
0
  1. Home
  2. A-Z Publications
  3. Annual Review of Financial Economics
  4. Volume 6, 2014
  5. Article

Annual Review of Financial Economics

Volume 6, 2014

Investor Flows to Asset Managers: Causes and Consequences

Abstract

Cash flows between investors and funds are both cause and effect in a complex web of economic decisions. Among the issues at stake are the prospects and fees of the funds, the efforts and risk choices by the funds’ managers, the pricing and comovement of the assets they trade, the stability of the financial system and the real economy, and the retirement security and protection of the investors. There is an accordingly large and growing literature on flows that has concentrated on the main retail investment pool, the open-end mutual fund, and has used flows to explore many aspects of retail financial decision making. We survey this literature and, where relevant, describe how open-end flows compare to other investment vehicles. We also identify opportunities both for future research and for refinement of mutual fund design, in particular as suggested by the recent rethinking of retail investment pools in the European Union.

Keyword(s): asset flows, asset management, fee structures, flow-performance relation, fund performance, mutual funds
Loading

Article metrics loading...

/content/journals/10.1146/annurev-financial-110613-034339
2014-12-01
2024-04-29
Loading full text...

Full text loading...

/deliver/fulltext/financial/6/1/annurev-financial-110613-034339.html?itemId=/content/journals/10.1146/annurev-financial-110613-034339&mimeType=html&fmt=ahah

Literature Cited

  1. Admati A, Pfleiderer P. 1997. Does it all add up? Benchmarks and the compensation of active portfolio managers. J. Bus. 70:3323–50 [Google Scholar]
  2. Agarwal V, Daniel ND, Naik NY. 2009. Role of managerial incentives and discretion in hedge fund performance. J. Finance 64:52221–56 [Google Scholar]
  3. Alexander GJ, Jones JD, Nigro PJ. 1998. Mutual fund shareholders: characteristics, investor knowledge, and sources of information. Financ. Serv. Rev. 7:301–16 [Google Scholar]
  4. Aragon G. 2007. Share restrictions and asset pricing: evidence from the hedge fund industry. J. Financ. Econ. 83:133–58 [Google Scholar]
  5. Bailey W, Kumar A, Ng D. 2011. Behavioral biases of mutual fund investors. J. Financ. Econ. 102:1–27 [Google Scholar]
  6. Baker M, Wurgler J. 2006. Investor sentiment and the cross-section of stock returns. J. Finance 61:41645–80 [Google Scholar]
  7. Barber B, Odean T, Zheng L. 2004. Out of sight, out of mind: the effects of expenses on mutual fund flows. J. Bus. 78:2095–120 [Google Scholar]
  8. Barberis N, Shleifer A, Wurgler J. 2005. Comovement. J. Financ. Econ. 75:283–317 [Google Scholar]
  9. Barclay MJ, Pearson ND, Weisbach MS. 1998. Open-end mutual funds and capital-gains taxes. J. Financ. Econ. 49:3–43 [Google Scholar]
  10. Ben-Rephael A, Kandel S, Wohl A. 2011. The price pressure of aggregate mutual fund flows. J. Financ. Quant. Anal. 46:2585–603 [Google Scholar]
  11. Ben-Rephael A, Kandel S, Wohl A. 2012. Measuring investor sentiment with mutual fund flows. J. Financ. Econ. 104:363–82 [Google Scholar]
  12. Berk JB, Green RC. 2004. Mutual fund flows and performance in rational markets. J. Polit. Econ. 112:61269–95 [Google Scholar]
  13. Berk JB, Tonks I. 2007. Return persistence and fund flows of the worst performing mutual funds. Work. Pap., Univ. Calif., Berkeley
  14. Bergstresser D, Chalmers J, Tufano P. 2009. Assessing the costs and benefits of brokers in the mutual fund industry. Rev. Financ. Stud. 22:104129–56 [Google Scholar]
  15. Bergstresser D, Poterba J. 2002. Do after-tax returns affect mutual fund inflows?. J. Financ. Econ. 63:381–414 [Google Scholar]
  16. Baumol WJ, Goldfeld SM, Gordon LA, Koehn MF. 1990. The Economics of Mutual Fund Markets: Competition versus Regulation Boston, MA: Kluwer Acad. Publ.
  17. Bhattacharya U, Lee JH, Pool VK. 2013. Conflicting family values in mutual fund families. J. Finance 68:1173–200 [Google Scholar]
  18. Board of Governors of the Federal Reserve System 2012. Changes in US family finances: evidence from the survey of consumer finances. Bull. 2, Fed. Reserve Syst., Washington, DC. http://www.federalreserve.gov/pubs/bulletin/2012/pdf/scf12.pdf
  19. Boudoukh J, Richardson MP, Subrahmanyam M, Whitelaw RF. 2002. Stale prices and strategies for trading mutual funds. J. Financ. Econ. 14:3–31 [Google Scholar]
  20. Boyer B. 2011. Style-related comovement: fundamentals or labels?. J. Finance 66:1307–22 [Google Scholar]
  21. Boyer B, Zheng L. 2009. Investor flows and stock market returns. J. Empir. Finance 16:187–100 [Google Scholar]
  22. Boyson N, Stahel CW, Stulz RM. 2010. Hedge fund contagion and liquidity shocks. J. Finance 65:51789–816 [Google Scholar]
  23. Brown D, Wu Y. 2014. Mutual fund flows and cross-fund learning within families. J. Finance. Forthcoming [Google Scholar]
  24. Brown J. 2012. A respite from redemption fees?. Forbes July 17 [Google Scholar]
  25. Brown S, Goetzmann W. 1995. Performance persistence. J. Finance 50:2679–98 [Google Scholar]
  26. Brown K, Harlow WV, Starks LT. 1996. Of tournaments and temptations: an analysis of managerial incentives in the mutual fund industry. J. Finance 51:185–110 [Google Scholar]
  27. Brown N, Wei KD, Wermers R. 2014. Analyst recommendations, mutual fund herding, and overreaction in stock prices. Manag. Sci. 60:1–20 [Google Scholar]
  28. Brunnermeier MK, Pedersen LH. 2008. Market liquidity and funding liquidity. Rev. Financ. Stud. 22:62201–38 [Google Scholar]
  29. Busse J. 2001. Another look at mutual fund tournaments. J. Financ. Quant. Anal. 36:153–73 [Google Scholar]
  30. Carhart M. 1997. On persistence in mutual fund performance. J. Finance 52:57–82 [Google Scholar]
  31. Cashman GD, Deli DN, Nardari F, Villupuram SV. 2012. Investors do respond to poor mutual fund performance: evidence from inflows and outflows. Financ. Rev. 47:719–39 [Google Scholar]
  32. Chalmers J, Edelen R, Kadlec G. 2001. On the perils of financial intermediaries setting security prices: the mutual fund wild card option. J. Finance 76:2209–36 [Google Scholar]
  33. Chalmers J, Kaul A, Phillips B. 2013. The wisdom of crowds: mutual fund investors aggregate asset allocation decisions. J. Bank. Finance 37:93318–33 [Google Scholar]
  34. Chen Q, Goldstein I, Jiang W. 2010. Payoff complementarities and financial fragility: evidence from mutual fund outflows. J. Financ. Econ. 97:239–62 [Google Scholar]
  35. Chen J, Hong H, Huang M, Kubik J. 2004. Does fund size erode mutual fund performance? The role of liquidity and organization. Am. Econ. Rev. 94:51276–302 [Google Scholar]
  36. Cherkes M. 2012. Closed-end funds: a survey. Annu. Rev. Financ. Econ. 4:431–45 [Google Scholar]
  37. Chevalier J, Ellison G. 1997. Risk taking by mutual funds as a response to incentives. J. Polit. Econ. 105:1167–200 [Google Scholar]
  38. Christoffersen SEK. 2001. Why do money fund managers voluntarily waive their fees?. J. Finance 56:1117–40 [Google Scholar]
  39. Christoffersen SEK, Musto DK. 2002. Demand curves and the pricing of money management. Rev. Financ. Stud. 15:51499–524 [Google Scholar]
  40. Christoffersen SEK, Evans R, Musto DK. 2013. What do consumers’ fund flows maximize? Evidence from their brokers’ incentives. J. Finance 68:1201–35 [Google Scholar]
  41. Christoffersen SEK, Simutin M. 2014. On the demand for high-beta stocks: evidence from mutual funds. Work. Pap., Univ. Toronto
  42. Cooper M, Gulen H, Rau PR. 2005. Changing names with style: mutual fund name changes and their effects on fund flows. J. Finance 60:2825–58 [Google Scholar]
  43. Cohen L, Schmidt B. 2009. Attracting flows by attracting big clients. J. Finance 64:51225–52 [Google Scholar]
  44. Coval J, Stafford E. 2007. Asset fire sales (and purchases) in equity markets. J. Financ. Econ. 86:2479–512 [Google Scholar]
  45. Cronqvist H. 2006. Advertising and portfolio choice. Work. Pap., China, Eur. Int. Bus. Sch.
  46. Dale A. 2005. Mutual funds consider ‘fair value’. Wall Street Journal, Mar. 14, p. C15
  47. Dangl T, Wu Y, Zechner J. 2008. Market discipline and internal governance in the mutual fund industry. Rev. Financ. Stud. 21:52307–43 [Google Scholar]
  48. Del Guercio D, Tkac P. 2002. The determinants of the flow of funds of managed portfolios: mutual funds vs. pension funds. J. Financ. Quant. Anal. 37:4523–57 [Google Scholar]
  49. Del Guercio D, Tkac PA. 2008. Star power: the effect of Morningstar ratings on mutual fund flow. J. Financ. Quant. Anal. 43:907–36 [Google Scholar]
  50. Del Guercio D, Reuter J. 2013. Mutual fund performance and the incentive to generate alpha. J. Finance 69:1673–704 [Google Scholar]
  51. Deli DN. 2002. Mutual fund advisory contracts: an empirical investigation. J. Finance 57:1109–33 [Google Scholar]
  52. Diamond DW, Dybvig PH. 1983. Bank runs, deposit insurance, and liquidity. J. Polit. Econ. 91:3401–19 [Google Scholar]
  53. Ding B, Wermers R. 2012. Mutual fund performance and governance structure: the role of portfolio managers and boards of directors. Work. Pap., Univ. Md.
  54. Domian DL, Reichenstein W. 1997. Performance and persistence in money market fund returns. Financ. Serv. Rev. 6:3169–83 [Google Scholar]
  55. Edelen RM. 1999. Investor flows and the assessed performance of open-end mutual funds. J. Financ. Econ. 53:3439–66 [Google Scholar]
  56. Edelen RM, Warner JB. 2001. Aggregate price effects of institutional trading: a study of mutual fund flow and market returns. J. Financ. Econ. 59:195–220 [Google Scholar]
  57. Edwards FR, Zhang X. 1998. Mutual funds and stock and bond market stability. J. Financ. Serv. Res. 13:257–82 [Google Scholar]
  58. Elton EJ, Gruber MJ, Blake CR. 2003. Incentive fees and mutual funds. J. Finance 58:2779–804 [Google Scholar]
  59. Fant FL. 1999. Investment behavior of mutual fund shareholders: the evidence from aggregate fund flows. J. Financ. Mark. 2:391–402 [Google Scholar]
  60. Ferreira M, Keswani A, Miguel A, Ramos S. 2012. The flow-performance relationship around the world. J. Bank. Finance 36:1759–80 [Google Scholar]
  61. Ferson WE, Kim MS. 2012. The factor structure of mutual fund flows. Int. J. Portf. Anal. Manag. 1:2112–43 [Google Scholar]
  62. Friend I, Brown FE, Herman ES, Vickers D. 1962. A Study of Mutual Funds Prepared for the Securities and Exchange Commission by the Wharton School of Finance and Commerce (The Wharton Report) Washington, DC: US Gov. Print. Off http://www.sechistorical.org/museum/galleries/tbi/gogo_c.php
  63. Frazzini A, Lamont O. 2008. Dumb money: mutual fund flows and the cross-section of stock returns. J. Financ. Econ. 88:299–322 [Google Scholar]
  64. Funds Int 2004. A year on in war against worst practice in US mutual funds. VRL Knowledgebank Sept. 30
  65. Fung W, Hsieh DA, Naik NY, Ramadorai T. 2008. Hedge funds, performance, risk, and capital formation. J. Finance 63:41777–803 [Google Scholar]
  66. Gaspar JM, Massa M, Matos P. 2005. Shareholder investment horizons and the market for corporate control. J. Financ. Econ. 76:135–65 [Google Scholar]
  67. Gaspar JM, Massa M, Matos P. 2006. Favoritism in mutual fund families? Evidence of strategic cross-fund subsidization. J. Finance 61:73–104 [Google Scholar]
  68. Gaspar JM, Massa M, Matos P, Patgiri R, Rehman Z. 2013. Payout policy, governance, and shareholder investment horizons. Rev. Finance 17:1261–320 [Google Scholar]
  69. Gallaher S, Kaniel R, Starks L. 2008. Mutual funds and advertising: from families to individual funds Work. Pap., Dep. Finance, Univ. Tex., Austin
  70. Getmansky M. 2012. The life cycle of hedge funds: fund flows, size and performance Work. Pap., Univ. Mass.
  71. Getmansky M, Liang B, Schwarz C, Wermers R. 2014. Share restrictions and investor flows in the hedge fund industry Work. Pap., Univ. Md.
  72. Goetzmann W, Ivković Z, Rouwenhorst KG. 2001. Day trading international mutual funds: evidence and policy solutions. J. Financ. Quant. Anal. 36:287–309 [Google Scholar]
  73. Goetzmann W, Ibbotson R. 1994. Do winners repeat: predicting mutual fund performance. J. Portf. Manag. 20:29–18 [Google Scholar]
  74. Goetzmann W, Peles N. 1997. Cognitive dissonance and mutual fund investors. J. Financ. Res. 20:2145–58 [Google Scholar]
  75. Goetzmann WN, Ingersoll JE, Ross SA. 2003. High-water marks and hedge fund management contracts. J. Finance 58:1685–717 [Google Scholar]
  76. Goetzmann W, Massa M. 2003. Index funds and stock market growth. J. Bus. 76:11–28 [Google Scholar]
  77. Golec JH. 1992. Empirical tests of a principal-agent model of the investor-investment advisor relationship. J. Financ. Quant. Anal. 27:81–95 [Google Scholar]
  78. Goyal A, Wahal S. 2008. The selection and termination of investment management firms by plan sponsors. J. Finance 63:41805–47 [Google Scholar]
  79. Greene J, Hodges C. 2002. The dilution impact of daily fund flows on open-end mutual funds. J. Financ. Econ. 65:131–58 [Google Scholar]
  80. Gruber M. 1996. Another puzzle: the growth in actively managed mutual funds. J. Finance 51:783–810 [Google Scholar]
  81. Harris L, Gurel E. 1986. Price and volume effects associated with changes in the S&P 500 list: new evidence for the existence of price pressures. J. Finance 41:4815–29 [Google Scholar]
  82. Hendricks D, Patel J, Zeckhauser R. 1993. Hot hands in mutual funds: short-run persistence of relative performance, 1974-1988. J. Finance 48:193–130 [Google Scholar]
  83. Heinkel R, Stoughton N. 1994. The dynamics of portfolio management contracts. Rev. Financ. Stud. 7:351–87 [Google Scholar]
  84. Huang J, Wei KD, Yan H. 2007. Participation costs and the sensitivity of fund flows to past performance. J. Finance 62:31273–311 [Google Scholar]
  85. Investment Company Institute 2013. 2013 Investment Company Fact Book: A Review of Trends and Activities in the U.S. Investment Company Industry Washington, DC: Invest. Comp. Inst.
  86. Ippolito RA. 1992. Consumer reaction to measures of poor quality: evidence from the mutual fund industry. J. Law Econ. 35:45–70 [Google Scholar]
  87. Ivković Z, Weisbenner S. 2009. Individual investor mutual fund flows. J. Financ. Econ. 92:2223–37 [Google Scholar]
  88. Jain PC, Wu JS. 2000. Truth in mutual fund advertising: evidence on future performance and fund flows. J. Finance 55:2937–58 [Google Scholar]
  89. Jegadeesh N, Titman S. 1993. Returns to buying winners and selling losers: implications for stock market efficiency. J. Finance 48:165–91 [Google Scholar]
  90. Johnson WT. 2004. Predictable investment horizons and wealth transfers among mutual fund shareholders. J. Finance 59:51979–2012 [Google Scholar]
  91. Kamstra M, Kramer L, Levi M, Wermers R. 2014. Seasonal asset allocation: evidence from mutual fund flows Work. Pap., Univ. Md.
  92. Kaul A, Mehotra V, Morck R. 2000. Demand curves for stocks do slope down: new evidence from an index weights adjustment. J. Finance 55:2893–912 [Google Scholar]
  93. Keswani A, Stolin D. 2008. Which money is smart? Mutual fund buys and sells of individual and institutional investors. J. Finance 63:185–118 [Google Scholar]
  94. Keynes JM. 1936. The General Theory of Employment, Interest, and Money Cambridge, UK: Macmillan Cambridge Univ. Press
  95. Kim MS. 2011. Changes in mutual fund flows and managerial incentives Work. Pap., Univ. New South Wales
  96. Kuhnen C. 2004. Dynamic contracting in the mutual fund industry Work. Pap., Northwest. Univ.
  97. Lee CMC, Shleifer A, Thaler RH. 1990. Anomalies: closed-end mutual funds. J. Econ. Perspect.4153–64 [Google Scholar]
  98. Lehr DJ, Eisenberg M. 1964. Mutual fund retailing: aspects of market structure and dealer operations Rep., Secur. Exch. Comm. Hist. Soc., June 1964
  99. Lou D. 2012. A flow-based explanation for return predictability. Rev. Financ. Stud. 25:123457–89 [Google Scholar]
  100. Lynch AW, Mendenhall RR. 1997. New evidence on stock price effects associated with changes in the S&P 500 index. J. Bus. 70:351–83 [Google Scholar]
  101. Lynch AW, Musto DK. 2003. How investors interpret past fund returns. J. Finance 58:2033–58 [Google Scholar]
  102. Malkiel BG. 1977. The valuation of closed-end investment company shares. J. Finance 32:847–59 [Google Scholar]
  103. Massa M. 2003. How do family strategies affect fund performance? When performance-maximization is not the only game in town. J. Financ. Econ. 67:2249–305 [Google Scholar]
  104. Morck R, Yang F. 2001. The mysterious growing value of S&P 500 membership Work. Pap. 8654, Natl. Bur. Econ. Res.
  105. Naik N, Ramadorai T, Stromqvist M. 2007. Capacity constraints and hedge fund strategy returns. Eur. Financ. Manag. 13:2239–56 [Google Scholar]
  106. Nanda V, Wang ZJ, Zheng L. 2004. Family values and the star phenomenon: strategies of mutual fund families. Rev. Financ. Stud. 17:667–98 [Google Scholar]
  107. Nanda V, Wang ZJ, Zheng L. 2009. The ABCs of mutual funds: on the introduction of multiple share classes. J. Financ. Intermed. 18:329–61 [Google Scholar]
  108. Odean T. 1998. Volume, volatility, price, and profit when all traders are above average. J. Finance 53:1887–934 [Google Scholar]
  109. O’Neal ES. 2004. Purchase and redemption patterns of U.S. equity mutual funds. Financ. Manag. 33:63–90 [Google Scholar]
  110. Parrino R, Sias RW, Starks LT. 2003. Voting with their feet: institutional ownership changes around forced CEO turnover. J. Financ. Econ. 68:3–46 [Google Scholar]
  111. Pastor L, Stambaugh RF. 2012. On the size of the active management industry. J. Polit. Econ. 120:740–81 [Google Scholar]
  112. Pastor L, Stambaugh RF, Taylor LA. 2013. Scale and skill in active management Work. Pap., Univ. Chicago
  113. Patel J, Zeckhauser RJ, Hendricks D. 1994. Investment flows and performance: evidence from mutual funds, cross-border investments, and new issues. Japan, Europe and the International Financial Markets: Analytical and Empirical Perspectives Sato R, Levich R, Ramachandran R. 51–72 New York: Cambridge Univ. Press [Google Scholar]
  114. Phillips B, Pukthuanthong K, Rau RP. 2014. Limited attention, horizon effects, and uninformative persuasion of mutual fund investors Work. Pap., Univ. Waterloo
  115. Pool VK, Sialm C, Stefanescu I. 2014. It pays to set the menu: mutual fund investment options in 401(K) plans Work. Pap., Indiana Univ.
  116. Reuter J, Zitzewitz E. 2006. Do ads influence editors? Advertising and bias in the financial media. Q. J. Econ. 121:1197–227 [Google Scholar]
  117. Reuter J, Zitzewitz E. 2013. How much does size erode mutual fund performance? A regression discontinuity approach Work. Pap. 16329, Natl. Bur. Econ. Res.
  118. Ross S. 2004. Compensation, incentives, and the duality of risk aversion and riskiness. J. Finance 59:1207–25 [Google Scholar]
  119. Sapp T, Tiwari A. 2004. Does stock return momentum explain the smart money effect?. J. Finance 59:2605–22 [Google Scholar]
  120. Schmidt LDW, Timmerman AG, Wermers R. 2014. Runs on money market mutual funds Work. Pap., Univ. Md.
  121. Schwartz E, Torous WN. 1989. Prepayment and the valuation of mortgage-backed securities. J. Finance 44:2375–92 [Google Scholar]
  122. Schwartz-Ziv M, Wermers R. 2014. Ownership structure and say on pay Work. Pap., Univ. Md.
  123. Shefrin H, Statman M. 1985. The disposition to sell winners too early and ride losers too long: theory and evidence. J. Finance 40:3777–90 [Google Scholar]
  124. Shive S, Yun H. 2013. Are mutual funds sitting ducks?. J. Financ. Econ. 107:1220–37 [Google Scholar]
  125. Shleifer A. 1986. Do demand curves for stocks slope down. J. Finance 41:3579–90 [Google Scholar]
  126. Sialm C, Starks L, Zhang H. 2014. Defined contribution pension plans: sticky or discerning money? Work. Pap., Univ. Tex., Austin
  127. Sirri ER, Tufano P. 1998. Costly search and mutual fund flows. J. Finance 53:1589–622 [Google Scholar]
  128. Spiegel M, Zhang H. 2013. Mutual fund risk and mutual share-adjusted fund flows. J. Financ. Econ. 108:2506–28 [Google Scholar]
  129. Spitz AE. 1970. Mutual fund performance and cash inflows. Appl. Econ. 2:2141–5 [Google Scholar]
  130. Starks LT. 1987. Performance incentive fees: an agency theoretic approach. J. Financ. Quant. Anal. 22:117–32 [Google Scholar]
  131. Stein JC. 2005. Why are most funds open-end? Competition and the limits of arbitrage. Q. J. Econ. 120:1247–72 [Google Scholar]
  132. Teo M. 2011. The liquidity risk of liquid hedge funds. J. Financ. Econ. 100:124–44 [Google Scholar]
  133. Tkac P. 2004. Mutual funds: temporary problem or permanent morass?. Econ. Rev. Q4:1–21 [Google Scholar]
  134. Tufano P, Sevick M. 1997. Board structure and fee-setting in the US mutual fund industry. J. Financ. Econ. 46:321–56 [Google Scholar]
  135. Warner JB, Wu JS. 2011. Why do mutual fund advisory contracts change? Performance, growth and spillover effects. J. Finance 66:1271–306 [Google Scholar]
  136. Warther V. 1995. Aggregate mutual fund flows and security returns. J. Financ. Econ. 39:209–35 [Google Scholar]
  137. Wermers R. 1999. Mutual fund herding and the impact on stock prices. J. Finance 54:581–622 [Google Scholar]
  138. Wermers R. 2003. Is money really smart? New evidence on the relation between mutual fund flows, manager behavior, and performance persistence Work. Pap., Univ. Md.
  139. Wu Y, Wermers R, Zechner J. 2014. Managerial rents vs. shareholder value in delegated portfolio management: the case of closed-end funds Work. Pap., Univ. Md.
  140. Zheng L. 1999. Is money smart? A study of mutual fund investors’ fund selection ability. J. Finance 54:901–33 [Google Scholar]
  141. Zitzewitz E. 2003. Who cares about shareholders? Arbitrage-proofing mutual funds. J. Law Econ. Organ. 19:225–66 [Google Scholar]
/content/journals/10.1146/annurev-financial-110613-034339
Loading
Investor Flows to Asset Managers: Causes and Consequences
Annual Review of Financial Economics 6, 289 (2014); https://doi.org/10.1146/annurev-financial-110613-034339
/content/journals/10.1146/annurev-financial-110613-034339
/content/journals/10.1146/annurev-financial-110613-034339
Loading

Data & Media loading...

  • Article Type: Review Article

Most Cited Most Cited RSS feed

This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error