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Rapid Trading bei deutschen Aktienfonds: Evidenz aus einer großen deutschen Fondsgesellschaft

  • Fang, Jieyan
  • Ruenzi, Stefan

Rapid Trading, d.h. der kurzfristige Kauf und Verkauf von Fondsanteilen durch Fondsinvestoren, steht im Widerspruch zur Fondskonzeption, wonach Fonds Instrumente zum langfristigen Vermögensaufbau darstellen, und kann zu negativen Auswirkungen auf die Performance führen. Wir verwenden Daten einer anonymen Fondsgesellschaft über Zuflüsse und Abflüsse und dokumentieren erstmals deutliche Hinweise auf Rapid Trading bei deutschen Aktienfonds. Es scheint vor allem dadurch getrieben zu werden, dass manche Anleger Fonds als spekulative, lotterie-artige Investments nutzen. Wir finden jedoch allenfalls schwache Evidenz für eine negative Auswirkung des Rapid Trading auf die Fondsperformance vor dem Fondsskandal in den USA in 2003, und keinerlei Einfluss danach.

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Paper provided by University of Cologne, Centre for Financial Research (CFR) in its series CFR Working Papers with number 09-04.

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Date of creation: 2009
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Handle: RePEc:zbw:cfrwps:0904
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