Investment Performance and Market Share : Evidence from the German Mutual Fund Industry

Krahnen, Jan Pieter ; Schmid, Frank A. ; Theissen, Erik

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Document Type: Working paper
Year of publication: 2006
The title of a journal, publication series: CFR Working Paper
Volume: 06-06
Place of publication: Frankfurt a. M.
Publishing house: Centre for Financial Research
Publication language: English
Institution: Business School > ABWL u. Finanzierung (Theissen)
Subject: 330 Economics
Abstract: We study a set of German open-end mutual fund s 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 ma rket 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 cross-sectional performance differences affect the market shares of these funds.

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

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