Are There Disadvantaged Clienteles inMutual Funds?

This paper studies the flow-performance relationship of three di®erent investorgroups in mutual funds: Households, financial corporations, and insurance compa-nies and pension funds, establishing the following findings: Financial corporationshave a strong tendency to chase past performance and also hold an increased sharein the top performing funds. Insurance companies and pension funds show someevidence of performance chasing, but are underrepresented in the best performingfunds. Households chase performance, but they are also subject to status quo biasin their flows. Regarding investor composition the worst performing funds showno significant difference in their investor structure when compared to funds withaverage performance.

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Year of publication:	2011-03-01
Authors:	Jank, Stephan
Institutions:	Centre for Financial Research <Köln>
Subject:	Portfolio Selection \| Anlageverhalten \| Investmentfonds

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Extent:	474112 bytes 46 p. application/pdf
Series:	Centre for Financial Research - Working papers No. 02(2011)
Type of publication:	Book / Working Paper
Language:	English
Classification:	G11 - Portfolio Choice ; G20 - Financial Institutions and Services. General ; G23 - Pension Funds; Other Private Financial Institutions ; Corporate finance and investment policy. General ; Empirical research. of corporate finance and investment policy ; Management of financial services: stock exchange and bank management science (including saving banks) ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10009302610