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http://hdl.handle.net/10419/41376
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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.: | | 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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