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dc.contributor.authorRuenzi, Stefanen_US
dc.description.abstractThis paper is concerned with differences in the performance-flow relationship (PFR) between standard and specialist market segments of the mutual fund industry. We expect differences in this relationship because investor characteristics might vary across different segments. Our results show that the PFR is more convex in standard segments as compared to specialist segments. Furthermore, investors in standard segments are less risk-averse and invest more in high-load funds than investors in specialist segments. Our findings are consistent with investors in standard segments being less sophisticated than investors in specialist segments and to rely more heavily on the advice of financial brokers, which is compensated for by load fees.en_US
dc.publisher|aCentre for Financial Research |cCologneen_US
dc.relation.ispartofseries|aCFR Working Paper |x05-08en_US
dc.titleMutual fund growth in standard an specialist market segmentsen_US
dc.typeWorking Paperen_US

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