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Are there disadvantaged clienteles in mutual funds?

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  • Jank, Stephan

Abstract

This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households, financial corporations, and insurance companies and pension funds, establishing the following findings: Financial corporations have a strong tendency to chase past performance and also hold an increased share in the top performing funds. Insurance companies and pension funds show some evidence of performance chasing, but are underrepresented in the best performing funds. Households chase performance, but they are also subject to status quo bias in their flows. Regarding investor composition the worst performing funds show no significant difference in their investor structure when compared to funds with average performance. --

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Bibliographic Info

Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 2: Banking and Financial Studies with number 2010,11.

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Date of creation: 2010
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Handle: RePEc:zbw:bubdp2:201011

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Keywords: Mutual Funds; Flow-Performance Relationship; Clientele;

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  1. Guercio, Diane Del & Tkac, Paula A., 2002. "The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds vs. Pension Funds," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 37(04), pages 523-557, December.
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