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http://hdl.handle.net/10419/25472
  

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dc.contributor.authorKrahnen, Jan Pieteren_US
dc.contributor.authorSchmid, Frank A.en_US
dc.contributor.authorTheissen, Eriken_US
dc.date.accessioned2006-08-07en_US
dc.date.accessioned2009-07-24T13:47:50Z-
dc.date.available2009-07-24T13:47:50Z-
dc.date.issued2006en_US
dc.identifier.piurn:nbn:de:hebis:30-25972-
dc.identifier.urihttp://hdl.handle.net/10419/25472-
dc.description.abstractWe study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from 12/1986 through 12/1998, we investigate if cross-sectional return differences across mutual funds affect their market shares. Although such a causal relation has been established in highly competitive markets, such as the United States, the rigid distribution system in place in Germany at the time may have caused retail performance and investment performance to uncouple. In fact, although we observe stark differences in investment performance across mutual funds (and over time), we find no evidence that crosssectional performance differences affect the market shares of these funds.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2006/06en_US
dc.subject.jelG23en_US
dc.subject.ddc330en_US
dc.subject.keywordMutual Fundsen_US
dc.subject.keywordAbnormal Returnsen_US
dc.subject.keywordMarket Sharesen_US
dc.subject.keywordDistribution Channelen_US
dc.titleInvestment performance and market share: A study of the German mutual fund industryen_US
dc.typeWorking Paperen_US
dc.identifier.ppn515333700en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200606-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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