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Family Matters: The Performance Flow Relationship in the Mutual Fund Industry

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Author Info
Alexander Kempf (University of Cologne - Department of Finance)
Stefan Ruenzi (University of Cologne - Department of Finance)

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Abstract

The relationship between the performance of mutual funds and their subsequent growth is examined. The focus of our paper is on the influence of the position of a fund within its family. So far only the influence of the position of a fund within its segment on its subsequent inflows has been considered. Our empirical study of the US mutual fund market shows that fund growth depends on the relative position of a fund within its segment AND within its family. This leads to important incentives for fund managers.

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File URL: http://129.3.20.41/eps/fin/papers/0404/0404012.pdf
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Publisher Info
Paper provided by EconWPA in its series Finance with number 0404012.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 26 pages
Date of creation: 22 Apr 2004
Date of revision: 26 May 2004
Handle: RePEc:wpa:wuwpfi:0404012

Note: Type of Document - pdf; pages: 26. 26 pages, pdf, prepared from pdftex
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Web page: http://129.3.20.41

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Related research
Keywords: Mutual Funds; Fund Families; Performance Flow Relationship; Intra-Firm Competition;

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Find related papers by JEL classification:
G - Financial Economics

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Woerheide, Walt, 1982. "Investor Response to Suggested Criteria for the Selection of Mutual Funds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(01), pages 129-137, March. [Downloadable!]
  2. 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. [Downloadable!] (restricted)
  3. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March. [Downloadable!] (restricted)
  4. Berkowitz, Michael K. & Kotowitz, Yehuda, 2000. "Investor risk evaluation in the determination of management incentives in the mutual fund industry," Journal of Financial Markets, Elsevier, vol. 3(4), pages 365-387, November. [Downloadable!] (restricted)
  5. Erik R. Sirri & Peter Tufano, 1998. "Costly Search and Mutual Fund Flows," Journal of Finance, American Finance Association, vol. 53(5), pages 1589-1622, October. [Downloadable!] (restricted)
  6. Bergstresser, Daniel & Poterba, James, 2002. "Do after-tax returns affect mutual fund inflows?," Journal of Financial Economics, Elsevier, vol. 63(3), pages 381-414, March. [Downloadable!] (restricted)
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  7. Spitz, A Edward, 1970. "Mutual Fund Performance and Cash Inflows," Applied Economics, Taylor and Francis Journals, vol. 2(2), pages 141-45.
  8. Chevalier, Judith & Ellison, Glenn, 1997. "Risk Taking by Mutual Funds as a Response to Incentives," Journal of Political Economy, University of Chicago Press, vol. 105(6), pages 1167-1200, December.
    Other versions:
  9. Diane Del Guercio & Paula A. Tkac, 2001. "Star power: the effect of Morningstar ratings on mutual fund flows," Working Paper 2001-15, Federal Reserve Bank of Atlanta. [Downloadable!]
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  10. Ippolito, Richard A, 1992. "Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry," Journal of Law & Economics, University of Chicago Press, vol. 35(1), pages 45-70, April.
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Stefan Ruenzi, 2004. "Mutual Fund Growth in Standard and Specialist Market Segments," Finance 0406005, EconWPA, revised 27 Jun 2004. [Downloadable!]
    Other versions:
  2. Alexander Kempf & Stefan Ruenzi, 2004. "Tournaments in Mutual Fund Families," Finance 0404011, EconWPA. [Downloadable!]
    Other versions:
  3. Rong Lu & Baizhu Chen & Longbing Xu & Xinhou Xie, 2008. "Redemption puzzle of open-end fund market in China," Psychometrika, Springer, vol. 3(3), pages 430-450, September. [Downloadable!] (restricted)
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