Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/36661
Authors: 
Jank, Stephan
Wedow, Michael
Year of Publication: 
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

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