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Discussion Paper Series 2: Banking and Financial Studies, Deutsche Bundesbank >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/36661
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| Title: | | Purchase and redemption decisions of mutual fund investors and the role of fund families  |
| 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 |
| JEL: | | G20 G23 |
| ISBN: | | 978-3-86558-615-5 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Discussion Paper Series 2: Banking and Financial Studies, Deutsche Bundesbank
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