Basics about Technical and Fundamental Trading -- Combination of Momentum and Operating Cash Flow Strategies -- A Closer Look at the Market Reactions -- Fundamental and Technical Trading by Mutual Funds -- Concluding Remarks.

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...