Article2008

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

31 citations0/0 files storedMADOC (University of Mannheim)

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Abstract

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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References

1993Common risk factors in the returns on stocks and bonds 1997On Persistence in Mutual Fund Performance 1973Risk, Return, and Equilibrium: Empirical Tests 1995What To Do (and Not to Do) with Time-Series Cross-Section Data 1998Costly Search and Mutual Fund Flows 1996Another Puzzle: The Growth in Actively Managed Mutual Funds 1995Risk Taking by Mutual Funds as a Response to Incentives 1996Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry

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