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Title:Purchase and redemption decisions of mutual fund investors and the role of fund families PDF Logo
Authors:Jank, Stephan
Wedow, Michael
Issue Date:2010
Series/Report no.:Discussion Paper Series 2: Banking and Financial Studies 2010,03
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. Furthermore, family size also affects the flow-performance relationship. On the one hand, investors in large families punish bad performance more, on the other, they also tend to sell winners more. Finally, we find that inner-family rankings play an important role for redemptions, with investors strongly redeeming their shares from intra-family losers.
Subjects:Mutual funds
fund family
flow-performance relationship
Document Type:Working Paper
Appears in Collections:Discussion Paper Series 2: Banking and Financial Studies, Deutsche Bundesbank

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