We study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from...

Why are there so few women in finance and even less managing funds? There is a major discrepancy between the number of female and male fund managers worldwide. The aim of this paper is to ascertain if gender is a contributing factor for fund managers performance. This is examined through...

Why are there so few women in finance and even fewer managing funds? There is a major discrepancy between the number of female and male fund managers worldwide. The aim of this paper is to ascertain if gender is a contributing factor to fund managers’ performance. This is examined through...

This questionnaire survey of fund managers in the United States, Germany and Switzerland documents a distinctly positive influence of bonus payments on investment behavior on both sides of the Atlantic. Higher bonus payments are significantly related to higher working effort but not to risk...

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...

In dieser Arbeit untersuchen wir Höhe und Struktur der Vergütung von Fondsmanagern und erklären diese durch Eigenschaften des Arbeitnehmers, des Arbeitgebers und des Arbeitsplatzes. Insgesamt verdienen deutsche Fondsmanager weniger als ihre merikanischen Kollegen. Die Vergütungshöhe hängt...

Based on a sample of 467 asset managers from four countries we robustly find that women manage smaller funds than men, despite tough competition in this industry. Interestingly, the gender gap exists only for managers of smaller funds, i.e. at the lower end of the hierarchy, as quantile...

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...

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...