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http://hdl.handle.net/10419/41376
  
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.:CFR working paper 10-13
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.
Subjects:Mutual Funds
Fund Family
Flow-Performance Relationship
JEL:G20
G23
Document Type:Working Paper
Appears in Collections:CFR Working Papers, Centre for Financial Research (CFR), Universität Köln

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