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Determinanten der Mittelzuflüsse bei deutschen Aktienfonds

Author

Listed:
  • Silke Ber

    (Universität zu Köln)

  • Alexander Kempf

    (Universität zu Köln)

  • Stefan Ruenzi

    (Universität zu Köln)

Abstract

Zusammenfassung In dieser Arbeit werden die Determinanten der Zuflüsse deutscher Aktienfonds empirisch untersucht. Hierbei finden wir für die Jahre 1993 bis 2001 einige interessante Unterschiede zum US-Markt. Zunächst bestätigen wir die in der Literatur dokumentierte positiv konvexe Beziehung zwischen vergangener Performance eines Fonds und seinen Netto-Zuflüssen, die aber in Deutschland weniger stark ausgeprägt ist als in den USA. Wir zeigen außerdem, dass die Eigenschaften der Fondsgesellschaft, zu der ein Fonds gehört, einen wesentlichen Einfluss auf dessen Zuflüsse haben. Insbesondere zeigen wir erstmals, dass es einen Kannibalisierungseffekt innerhalb von Fondsfamilien gibt, der besonders zwischen Fonds zu beobachten ist, die im gleichen Marktsegment angeboten werden. Unsere Ergebnisse haben wichtige Implikationen für das Risikoverhalten von Fondsmanagern sowie die Produktpolitik von Fondsgesellschaften.

Suggested Citation

  • Silke Ber & Alexander Kempf & Stefan Ruenzi, 2007. "Determinanten der Mittelzuflüsse bei deutschen Aktienfonds," Schmalenbach Journal of Business Research, Springer, vol. 59(1), pages 35-60, February.
    • Handle: RePEc:spr:sjobre:v:59:y:2007:i:1:d:10.1007_bf03372780
    DOI: 10.1007/BF03372780
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    References listed on IDEAS

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    Keywords

    G23;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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