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Is a team different from the sum of its parts? : evidence from mutual fund managers
Bär, Michaela; Kempf, Alexander; Ruenzi, Stefan - 2005
family characteristics as well as manager characteristics. Additionally, teams exhibit a lower active share and lower risk …
Persistent link: https://www.econbiz.de/10009524811
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Family matters : ranking within fund families and fund inflows
Kempf, Alexander; Ruenzi, Stefan - 2004
This paper examines the influence of the position of a fund within its family on its subsequent net-inflows. Our … empirical study of the US equity mutual fund market shows that reaching a top position within the family leads to large inflows … moves into the top positions within its family from one year to another. These results lead to competition within the fund …
Persistent link: https://www.econbiz.de/10009524827
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Fund manager duality : impact on performance and investment behavior
Kempf, Alexander; Pütz, Alexander; Sonnenburg, Florian - 2012
Agency conflicts can arise when a fund manager also chairs the board of the fund. We examine the consequences of this fund manager duality using a broad sample of single managed US equity funds. We find that duality managers significantly underperform non-duality managers. This underperformance...
Persistent link: https://www.econbiz.de/10009579421
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Status quo bias and the number of alternatives : an empirical illustration from the mutual fund industry
Kempf, Alexander; Ruenzi, Stefan - 2005
We examine the extent of the Status Quo Bias (SQB) in a real-world repeated decision situation. Individuals who are subject to a SQB tend to choose an alternative that was chosen previously (i.e. their status quo), even if it is not the optimal choice any more. We examine the US equity mutual...
Persistent link: https://www.econbiz.de/10009524814
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What they did in their previous life : the investment value of mutual fund managers' experience outside the financial sector
Cici, Gjergji; Gehde-Trapp, Monika; Göricke, Marc-André; … - 2014 - This Draft: October 2014
We document that prior work experience of mutual fund managers outside of the asset management industry is valuable from an investment perspective in that it provides managers with a stock picking and industry timing advantage. Fund managers' stock picks from industries where they previously...
Persistent link: https://www.econbiz.de/10010410563
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Overconfidence among professional investors : evidence from mutual fund managers
Pütz, Alexander (contributor); Ruenzi, Stefan (contributor) - 2008
We examine overconfidence among equity mutual fund managers. While overconfidence has been extensively documented among retail investors, evidence from professional investors is scarce. Consistent with theories of overconfidence, we find that fund managers trade more after good past performance....
Persistent link: https://www.econbiz.de/10003783625
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Overconfidence among professional investors : evidence from mutual fund managers
Pütz, Alexander (contributor); Ruenzi, Stefan (contributor) - 2010 - First Version: August 2007, This Version: November 2010
We examine overconfidence among equity mutual fund managers. While overconfidence has been extensively documented among retail investors, evidence from professional investors is scarce. Consistent with theories of overconfidence, we find that fund managers trade more after good past performance....
Persistent link: https://www.econbiz.de/10009705513
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Mutual fund shareholder letters : flows, performance, and managerial behavior
Hillert, Alexander; Niessen-Ruenzi, Alexandra; Ruenzi, … - 2023
Fund companies regularly send shareholder letters to their investors. We use textual analysis to investigate whether these letters' writing style influences fund flows and whether it predicts performance and investment styles. Fund investors react to the tone and content of shareholder letters:...
Persistent link: https://www.econbiz.de/10013535838
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Risikoverhalten von Investmentfondsmanagern
Thiele, Tanja - 2009 - 1. Aufl.
Persistent link: https://www.econbiz.de/10003819358
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Tail risk in hedge funds : a unique view from portfolio holdings
Agarwal, Vikas; Ruenzi, Stefan; Weigert, Florian - 2015 - This Version: May 10, 2015
We develop a new tail risk measure for hedge funds to examine the impact of tail risk on fund performance and to identify the sources of tail risk. We find that tail risk affects the cross-sectional variation in fund returns, and investments in both, tailsensitive stocks as well as options,...
Persistent link: https://www.econbiz.de/10011308031