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Investment Behaviour of German Equity Fund Managers

Arnswald, Torsten - Deutsche Bundesbank - 2001

allen Investmentgesellschaften mit Sitz in Deutschland beteiligten. Die Fondsmanager sind zu ihren grundlegenden Ansichten …. In diesem Rahmen wurde auch um Angaben über die Leistungsbewertung der Fondsmanager seitens ihrer Unternehmungsleitung … Vorstellung, daß Marktpreise auf neue Informationen nur träge reagieren. Ihren eigenen Angaben zufolge greifen Fondsmanager auch …

Persistent link: https://www.econbiz.de/10005083125

Purchase and redemption decisions of mutual fund investors and the role of fund families

Jank, Stephan; Wedow, Michael - Deutsche Bundesbank - 2010

This paper investigates the purchases and redemptions of a large cross-sectional sample of German equity funds. We find that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large fund families show higher sales and redemption...

Persistent link: https://www.econbiz.de/10008554261

The dark and the bright side of liquidity risks: evidence from open-end real estate funds in Germany

Fecht, Falko; Wedow, Michael - Deutsche Bundesbank - 2009

We use a unique and comprehensive data set on open-end real estate funds in Germany to study a liquidity crisis that hit this industry between 2005 and 2006. Since this industry is comparably unregulated our data set permits us to contrast competing explanations of liquidity crisis. We find that...

Persistent link: https://www.econbiz.de/10008533497

Open-end real estate funds in Germany: genesis and crisis

Bannier, Christina E.; Fecht, Falko; Tyrell, Marcel - Deutsche Bundesbank - 2007

Open-end real estate funds are of particular importance in the German bank- dominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description...

Persistent link: https://www.econbiz.de/10005059001

Empirical risk analysis of pension insurance: the case of Germany

Schmieder, Christian; Reinschmidt, Timo; Mager, Ferdinand; … - Deutsche Bundesbank - 2006

With this paper we seek to contribute to the literature on pension insurance systems. The financial literature tends to focus exclusively on the US pension insurance system. This is the first major empirical study to address the German occupational pension insurance (PSVaG) plan in Germany. The...

Persistent link: https://www.econbiz.de/10005059006

Are there disadvantaged clienteles in mutual funds?

Jank, Stephan - Deutsche Bundesbank - 2010

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...

Persistent link: https://www.econbiz.de/10008833257

Banks, markets, and financial stability

Eder, Armin; Fecht, Falko; Pausch, Thilo - Deutsche Bundesbank - 2014

We use a Diamond/Dybvig-based model with two banks operating in separate regions connected by a common asset market in which banks and sophisticated depositors invest. We study the effect of a potential run (crisis) and subsequent fire sales on the asset price in both the crisis and no-crisis...

Persistent link: https://www.econbiz.de/10011093844

Who trades on momentum?

Baltzer, Markus; Jank, Stephan; Smajlbegovic, Esad - Deutsche Bundesbank - 2014

Using a unique data set that contains the complete ownership structure of the German stock market, we study the momentum and contrarian trading of different investor groups. Foreign investors and financial institutions, and especially mutual funds, are momentum traders, whereas private...

Persistent link: https://www.econbiz.de/10011161233

Cash holdings of German open-end equity funds: Does ownership matter?

Dötz, Niko; Weth, Mark - Deutsche Bundesbank - 2013

In the light of the recent financial crisis, the discussion on the nature of runs and on the stabilizing role of liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the period between 2005 and 2010. Since ownership structures...

Persistent link: https://www.econbiz.de/10010984710

Market transparency and the marking precision of bond mutual fund managers

Cici, Gjergji; Gibson, Scott; Gündüz, Yalin; Merrick, … - Deutsche Bundesbank - 2014

We analyze the dispersion of month-end price marks simultaneously placed on identical corporate bonds by different US mutual fund managers before and after initiations of TRACE and introductions of issuers into Markit's CDS database. Disseminated bonds show large and statistically significant...

Persistent link: https://www.econbiz.de/10010984744