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dc.contributor.authorSchmidt, Danielen
dc.contributor.authorSchmielewski, Franken
dc.date.accessioned2012-01-12-
dc.date.accessioned2012-04-17T12:54:01Z-
dc.date.available2012-04-17T12:54:01Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisher|aLeuphana Universität Lüneburg, Institut für Volkswirtschaftslehre |cLüneburgen
dc.relation.ispartofseries|aWorking Paper Series in Economics |x228en
dc.subject.jelG01en
dc.subject.jelG23en
dc.subject.jelG14en
dc.subject.jelG28en
dc.subject.jelD53en
dc.subject.ddc330en
dc.subject.keywordliquidity risken
dc.subject.keywordfinancial fragilityen
dc.subject.keywordbank runen
dc.subject.keywordmutual fundsen
dc.subject.keywordfund flowsen
dc.subject.keywordnet redemptions of fund sharesen
dc.subject.keywordfund performanceen
dc.subject.keywordfund industryen
dc.subject.keywordrisk sharingen
dc.subject.stwInvestmentfondsen
dc.subject.stwUnternehmensentwicklungen
dc.subject.stwAnlageverhaltenen
dc.subject.stwBetriebliche Liquiditäten
dc.subject.stwBankenkriseen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwDeutschlanden
dc.titleConsumer reaction on tumbling funds: Evidence from retail fund outflows during the financial crisis 2007/2008-
dc.typeWorking Paperen
dc.identifier.ppn682884162en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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