Given the size and growing importance of open-end funds and fund investors in China,no research has uncovered the behavior of fund investors yet.This paper explores the determinants of money flows and behavior of open-end fund investors.The results show that when investors plan to buy or sell a fund shares,both of the risk,performance and buying or selling information of that fund in the past are highly positively attended by investors.Fund investors,however,are negatively sensitive to fund operating expenses,buying and selling loads,and fund age.Furthermore,while selling funds,the disposition effect dominates investors'decisions.