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dc.contributor.authorSchmidt, Danielen_US
dc.contributor.authorSchmielewski, Franken_US
dc.date.accessioned2012-01-12en_US
dc.date.accessioned2012-04-17T12:54:01Z-
dc.date.available2012-04-17T12:54:01Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/57125-
dc.description.abstractWithin this study we propose different measures to prove the influence of prior retail fund performance on fund flows. In contrast to previous literature, our work indicates that investors behave directly and in a selective manner by redeeming their shares of poor performing funds. By using a large data set of 1672 retail funds in Germany from March 2008 to April 2010 we are able to underscore that in general, both the prior performance of funds and the prior net redemptions have a statistically significant influence on outflows of funds. Moreover, it seems likely that investors react faster to market signals by withdrawing their shares in crisis situations than in previous decades that might be due to lower cost of information. Our findings can serve as a warning signal for policy-makers, regulatory authorities and the fund industry to establish a strong regulatory framework to prevent liquidity shortages of retail funds.en_US
dc.language.isoengen_US
dc.publisherUniv., Inst. für Volkswirtschaftslehre Lüneburgen_US
dc.relation.ispartofseriesUniversity of Lüneburg Working Paper Series in Economics 228en_US
dc.subject.jelG01en_US
dc.subject.jelG23en_US
dc.subject.jelG14en_US
dc.subject.jelG28en_US
dc.subject.jelD53en_US
dc.subject.ddc330en_US
dc.subject.keywordliquidity risken_US
dc.subject.keywordfinancial fragilityen_US
dc.subject.keywordbank runen_US
dc.subject.keywordmutual fundsen_US
dc.subject.keywordfund flowsen_US
dc.subject.keywordnet redemptions of fund sharesen_US
dc.subject.keywordfund performanceen_US
dc.subject.keywordfund industryen_US
dc.subject.keywordrisk sharingen_US
dc.subject.stwInvestmentfondsen_US
dc.subject.stwUnternehmensentwicklungen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwBetriebliche Liquiditäten_US
dc.subject.stwBankenkriseen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwDeutschlanden_US
dc.titleConsumer reaction on tumbling funds: Evidence from retail fund outflows during the financial crisis 2007/2008en_US
dc.typeWorking Paperen_US
dc.identifier.ppn682884162en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Paper Series in Economics, Leuphana Universität Lüneburg

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