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

  • Alexander Kempf

    (University of Cologne - Department of Finance)

  • Stefan Ruenzi

    (University of Cologne - Department of Finance)

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://econwpa.repec.org/eps/fin/papers/0404/0404012.pdf
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Paper provided by EconWPA in its series Finance with number 0404012.

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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
Contact details of provider: Web page: http://econwpa.repec.org

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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. 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.
  3. Guercio, Diane Del & Tkac, Paula A., 2008. "Star Power: The Effect of Monrningstar Ratings on Mutual Fund Flow," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 43(04), pages 907-936, December.
  4. L. Franklin Fant & Edward S. O'Neal, 2000. "Temporal Changes In The Determinants Of Mutual Fund Flows," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(3), pages 353-371, 09.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. Goetzmann, William N & Peles, Nadav, 1997. "Cognitive Dissonance and Mutual Fund Investors," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 145-58, Summer.
  10. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
  11. Diane Del Guercio & Paula A. Tkac, 2000. "The determinants of the flow of funds of managed portfolios: mutual funds versus pension funds," Working Paper 2000-21, Federal Reserve Bank of Atlanta.
  12. William N. Goetzmann & Nadav Peles, 1997. "Cognitive Dissonance And Mutual Fund Investors," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 145-158, 06.
  13. Fant, L Franklin & O'Neal, Edward S, 2000. "Temporal Changes in the Determinants of Mutual Fund Flows," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(3), pages 353-71, Fall.
  14. Ippolito, Richard A, 1992. "Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry," Journal of Law and Economics, University of Chicago Press, vol. 35(1), pages 45-70, April.
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