Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/25472 
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dc.contributor.authorKrahnen, Jan Pieteren
dc.contributor.authorSchmid, Frank A.en
dc.contributor.authorTheissen, Eriken
dc.date.accessioned2006-08-07-
dc.date.accessioned2009-07-24T13:47:50Z-
dc.date.available2009-07-24T13:47:50Z-
dc.date.issued2006-
dc.identifier.piurn:nbn:de:hebis:30-25972en
dc.identifier.urihttp://hdl.handle.net/10419/25472-
dc.description.abstractWe study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from 12/1986 through 12/1998, we investigate if cross-sectional return differences across mutual funds affect their market shares. Although such a causal relation has been established in highly competitive markets, such as the United States, the rigid distribution system in place in Germany at the time may have caused retail performance and investment performance to uncouple. In fact, although we observe stark differences in investment performance across mutual funds (and over time), we find no evidence that crosssectional performance differences affect the market shares of these funds.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2006/06en
dc.subject.jelG23en
dc.subject.ddc330en
dc.subject.keywordMutual Fundsen
dc.subject.keywordAbnormal Returnsen
dc.subject.keywordMarket Sharesen
dc.subject.keywordDistribution Channelen
dc.titleInvestment performance and market share: A study of the German mutual fund industry-
dc.typeWorking Paperen
dc.identifier.ppn515333700en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200606en

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