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Are There Disadvantaged Clienteles inMutual Funds?
Jank, Stephan - Centre for Financial Research <Köln> - 2011
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...
Persistent link: https://www.econbiz.de/10009302610
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Purchase and Redemption Decisions of Mutual Fund Investors and the Role of Fund Families
Jank, Stephan; Wedow, Michael - Centre for Financial Research <Köln> - 2011
fundfamilies show higher sales and redemption rates. Further family size also affects theflow-performance relationship: Investors … in large families punish bad performancemore. Last, we find that inner family rankings play an important part for … redemptions,with investors strongly redeeming their shares from intra-family losers. …
Persistent link: https://www.econbiz.de/10009302625
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Mutual fund flows, expected returns, and the real economy
Jank, Stephan - Centre for Financial Research <Köln> - 2011
The paper explores whether the co-movement of market returns and equity fundflows can be explained by a common response to macroeconomic news. I findthat variables that predict the real economy as well as the equity premium arerelated to mutual fund flows. Changes in dividend-price ratio explain...
Persistent link: https://www.econbiz.de/10009302606
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Investing in Mutual Funds when Returns are Predictable
Avramov, Doron; Wermers, Russ - 2005
Bisherige Studien zur Performance von Investmentfonds kommen zu dem Schluss, dass Anleger durch eine Investition in …
Persistent link: https://www.econbiz.de/10005854137
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Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices
Brown, Nerissa C.; Wei, Kelsey D.; Wermers, Russ - 2007
Dieses Papier beschäftigt sich mit dem Herdenverhalten (“Herding”) vonInvestmentfondsmanagern in Folge von Analystenempfehlungen. Dabei wird zunächstuntersucht, ob sich überhaupt ein gleichgerichtetes Verhalten der Fondsmanager nachVeröffentlichung einer Analystenempfehlung beobachten...
Persistent link: https://www.econbiz.de/10005855920
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The Investment Value of Mutual Fund Portfolio Disclosure
Wermers, Russ; Yao, Tong; Zhao, Jane - 2006
Dieses Papier kommt zum Ergebnis, dass sich Informationen über die Veränderungder Portfoliobestände von Investmentfonds …
Persistent link: https://www.econbiz.de/10005855959
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Professionals’ endorsement of behavioral finance:Does it impact their perception of markets and themselves?
Menkhoff, Lukas; Nikiforow, Marina - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2008
This paper provides evidence on the hypothesis that many behavioral finance patterns are sodeeply rooted in human behavior that they are difficult to overcome by learning. We test thison a target group which has undoubtedly very strong incentives to learn efficient behavior,i.e. fund managers....
Persistent link: https://www.econbiz.de/10005867424
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The Use of Trading Strategies by Fund Managers:Some First Survey Evidence
Menkhoff, Lukas; Schmidt, Ulrich - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2005
Our questionnaire survey finds that most fund managers rely on the strategies ofbuy-&-hold, momentum and contrarian trading. These strategies are typically appliedmutually. Their use is rooted in the attributes and beliefs of the respective fund managers:buy-&-hold traders behave fundamentally...
Persistent link: https://www.econbiz.de/10005867593
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On the Risks of Stocks in the Long Run: A Probabilistic Approach Based on Measures of Shortfall Risk
Albrecht, Peter; Maurer, Raimond; Ruckpaul, Ulla - 2001
The authors determine the time horizon on the risk of stock investments.
Persistent link: https://www.econbiz.de/10005850485