Investment performance and market share : a study of the German mutual fund industry
- 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 12/1986 through 12/1998, we investigate if cross-sectional return differences across mutual funds affect their market shares. Although such a causal relation has been established in highly competitive markets, such as the United States, the rigid distribution system in place in Germany at the time may have caused retail performance and investment performance to uncouple. In fact, although we observe stark differences in investment performance across mutual funds (and over time), we find no evidence that cross-sectional performance differences affect the market shares of these funds. Klassifikation: G 23
Author: | Jan Pieter KrahnenORCiDGND, Frank A. Schmid, Erik TheissenORCiDGND |
---|---|
URN: | urn:nbn:de:hebis:30-25972 |
Parent Title (German): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2006,06 |
Series (Serial Number): | CFS working paper series (2006, 06) |
Document Type: | Working Paper |
Language: | English |
Year of Completion: | 2006 |
Year of first Publication: | 2006 |
Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
Release Date: | 2006/05/04 |
Tag: | abnormal returns; distribution channel; market shares; mutual funds |
GND Keyword: | Deutschland; Fonds; Absatzweg; Marktanteil; Geschichte 1986-1998 |
HeBIS-PPN: | 190343532 |
Institutes: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
Licence (German): | Deutsches Urheberrecht |