@techreport{Jank2010Purchase,
abstract = {This paper investigates the purchases and redemptions of a large cross-sectional sample of German equity funds. We find that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large fund families show higher sales and redemption rates. Further family size also affects the flow-performance relationship: Investors in large families punish bad performance more. Last, we find that inner family rankings play an important part for redemptions, with investors strongly redeeming their shares from intra-family losers.},
address = {Cologne},
author = {Stephan Jank and Michael Wedow},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G20; G23; 330; Mutual Funds; Fund Family; Flow-Performance Relationship; Investmentfonds; Institutioneller Anleger; Anlageverhalten; Portfolio-Management; Aktienfonds; Wertpapieranalyse; Sch\"{a}tzung; Deutschland},
language = {eng},
number = {10-13},
publisher = {Centre for Financial Research},
title = {Purchase and redemption decisions of mutual fund investors and the role of fund families},
type = {CFR working paper},
url = {http://hdl.handle.net/10419/41376},
year = {2010}
}
