Arbeitspapier
Are there disadvantaged clienteles in mutual funds?
This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households, financial corporations, and insurance companies and pension funds, establishing the following findings: Financial corporations have a strong tendency to chase past performance and also hold an increased share in the top performing funds. Insurance companies and pension funds show some evidence of performance chasing, but are underrepresented in the best performing funds. Households chase performance, but they are also subject to status quo bias in their flows. Regarding investor composition the worst performing funds show no significant difference in their investor structure when compared to funds with average performance.
- Language
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Englisch
- Bibliographic citation
-
Series: CFR working paper ; No. 11-02
- Classification
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Wirtschaft
Portfolio Choice; Investment Decisions
Financial Institutions and Services: General
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- Subject
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Mutual Funds
Flow-Performance Relationship
Clientele
- Event
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Geistige Schöpfung
- (who)
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Jank, Stephan
- Event
-
Veröffentlichung
- (who)
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University of Cologne, Centre for Financial Research (CFR)
- (where)
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Cologne
- (when)
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2011
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Jank, Stephan
- University of Cologne, Centre for Financial Research (CFR)
Time of origin
- 2011
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