In der vorliegenden Arbeit werden erstmals die Determinanten der Zuflüsse deutscher Aktienfonds empirisch untersucht. Für den Untersuchungszeitraum von 1991 bis 2003 finden wir einige interessante Unterschiede zum US-Markt. Zunächst bestätigen wir die in der Literatur dokumentierte positiv...

This paper provides the first empirical test of the diversification of opinions theory and the group shift theory using real business data. Our data set covers management teams and single managers of US equity mutual funds. Our results reject the group shift theory and support the...

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...

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. These inflows accrue beyond those expected, given the...

In this paper we examine intra-firm competition in the U.S. mutual fund industry. Our empirical study shows that fund managers within mutual fund families compete against each other. They adjust the risk they take dependent on the relative position within their fund family. The direction of the...

We examine the influence on managerial risk taking of incentives due to employment risk and due to compensation. Our empirical investigation of the risk taking behavior of mutual fund managers indicates that managerial risk taking crucially depends on the relative importance of these incentives....

In dieser Arbeit wird das geplante Risikoverhalten von Investmentfondsmanagern unterBerücksichtigung von zwei diametralen Anreizen analysiert, denen Fondsmanager bei ihrerInvestitionsentscheidung ausgesetzt sind. Zum einen unterliegen sie Entlohnungsanreizen, diedurch eine positiv konvexe...