TY  - UNPD
A1  - Krahnen, Jan Pieter
A1  - Schmid, Frank A.
A1  - Theissen, Erik
T1  - Investment performance and market share : a study of the German mutual fund industry
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2006,06
N2  - 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
T3  - CFS working paper series - 2006, 06 
KW  - mutual funds
KW  - abnormal returns
KW  - market shares
KW  - distribution channel
KW  - Deutschland
KW  - Fonds
KW  - Absatzweg
KW  - Marktanteil
KW  - Geschichte 1986-1998
Y1  - 2006
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/2805
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-25972
ER  -