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Family Matters: Rankings Within Fund Families and Fund Inflows

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  • Alexander Kempf
  • Stefan Ruenzi

Abstract

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 performance of the fund in its respective market segment. The effect is much stronger in large families than in small families. We also find that inflows significantly increase if a fund moves into the top positions within its family from one year to another. These results lead to competition within the fund family and to important risk taking incentives for fund managers. Copyright 2007 The Authors Journal compilation (c) 2007 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

Volume (Year): 35 (2008-01)
Issue (Month): 1-2 ()
Pages: 177-199

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Handle: RePEc:bla:jbfnac:v:35:y:2008-01:i:1-2:p:177-199

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  1. Harless, David W. & Peterson, Steven P., 1998. "Investor behavior and the persistence of poorly-performing mutual funds," Journal of Economic Behavior & Organization, Elsevier, vol. 37(3), pages 257-276, November.
  2. Kempf, Alexander & Ruenzi, Stefan, 2005. "Status quo bias and the number of alternatives: An empirical illustration from the mutual fund industry," CFR Working Papers 05-07, University of Cologne, Centre for Financial Research (CFR).
  3. Taylor, Jonathan, 2003. "Risk-taking behavior in mutual fund tournaments," Journal of Economic Behavior & Organization, Elsevier, vol. 50(3), pages 373-383, March.
  4. Daniel Bergstresser & John M. R. Chalmers & Peter Tufano, 2009. "Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry," Review of Financial Studies, Society for Financial Studies, vol. 22(10), pages 4129-4156, October.
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