Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/41376
Authors: 
Jank, Stephan
Wedow, Michael
Year of Publication: 
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

Files in This Item:
File
Size
745.58 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.