TY  - UNPD
A1  - Krahnen, Jan Pieter
A1  - Schmid, Frank A.
A1  - Theissen, Erik
T1  - Performance and market share: evidence from the German mutual fund industry
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 1997,01
N2  - In this paper we analyze the relation between fund performance and market share. Using three performance measures we first establish that significant differences in the risk-adjusted returns of the funds in the sample exist. Thus, investors may react to past fund performance when making their investment decisions. We estimated a model relating past performance to changes in market share and found that past performance has a significant positive effect on market share. The results of a specification test indicate that investors react to risk-adjusted returns rather than to raw returns. This suggests that investors may be more sophisticated than is often assumed.
T3  - CFS working paper series - 1997, 01 
KW  - mutual fund performance
KW  - fund growth
KW  - investment decisions
KW  - Deutschland
KW  - Investmentfonds
KW  - Wachstum
KW  - Marktanteil
Y1  - 1997
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4570
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9261
N1  - First version - May 1997
IS  - September 1997
ER  -