Mutual fund growth in standard an specialist market segments
AbstractThis paper is concerned with differences in the performance-flow relationship (PFR) between standard and specialist market segments of the mutual fund industry. We expect differences in this relationship because investor characteristics might vary across different segments. Our results show that the PFR is more convex in standard segments as compared to specialist segments. Furthermore, investors in standard segments are less risk-averse and invest more in high-load funds than investors in specialist segments. Our findings are consistent with investors in standard segments being less sophisticated than investors in specialist segments and to rely more heavily on the advice of financial brokers, which is compensated for by load fees. --
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Bibliographic InfoPaper provided by University of Cologne, Centre for Financial Research (CFR) in its series CFR Working Papers with number 05-08.
Date of creation: 2005
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Other versions of this item:
- Stefan Ruenzi, 2005. "Mutual Fund Growth in Standard and Specialist Market Segments," Financial Markets and Portfolio Management, Springer, vol. 19(2), pages 153-167, August.
- Stefan Ruenzi, 2004. "Mutual Fund Growth in Standard and Specialist Market Segments," Finance 0406005, EconWPA, revised 27 Jun 2004.
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
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