Mutual Fund Growth in Standard and Specialist Market Segments

Ruenzi, Stefan

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Document Type: Article
Year of publication: 2005
The title of a journal, publication series: Financial Markets and Portfolio Management
Volume: 19
Issue number: 2
Page range: 153-167
Place of publication: Berlin [u.a.]
Publishing house: Springer
ISSN: 1934-4554 , 1555-497X
Publication language: English
Institution: Business School > Internat. Finanzierung (Ruenzi 2009-)
Subject: 330 Economics
Abstract: This 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 than in 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 relying more heavily on the advice of financial brokers, which is compensated for by load fees.

Dieser Datensatz wurde nicht während einer Tätigkeit an der Universität Mannheim veröffentlicht, dies ist eine Externe Publikation.

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