Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/57736 
Authors: 
Year of Publication: 
2005
Series/Report no.: 
CFR Working Paper No. 05-08
Publisher: 
University of Cologne, Centre for Financial Research (CFR), Cologne
Abstract: 
This paper is concerned with differences in the performance-flow relationship (PFR) between standard and specialist market segments of the mutual fund industry. We expect differences in this relationship because investor characteristics might vary across different segments. Our results show that the PFR is more convex in standard segments as compared to specialist segments. Furthermore, investors in standard segments are less risk-averse and invest more in high-load funds than investors in specialist segments. Our findings are consistent with investors in standard segments being less sophisticated than investors in specialist segments and to rely more heavily on the advice of financial brokers, which is compensated for by load fees.
Document Type: 
Working Paper

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