Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/57125
Autoren: 
Schmidt, Daniel
Schmielewski, Frank
Datum: 
2012
Reihe/Nr.: 
Working Paper Series in Economics 228
Zusammenfassung: 
Within 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.
Schlagwörter: 
liquidity risk
financial fragility
bank run
mutual funds
fund flows
net redemptions of fund shares
fund performance
fund industry
risk sharing
JEL: 
G01
G23
G14
G28
D53
Dokumentart: 
Working Paper

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