The Lure of the Brand: Evidence from the European Mutual Fund Industry

Fabian Irek, (), Jan Jaap Hazenberg, Willem van der Scheer and Mariela Stefanova
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Mariela Stefanova: LSF

LSF Research Working Paper Series from Luxembourg School of Finance, University of Luxembourg

Abstract: We investigate the effect of the fund provider s brand on mutual fund flows by using a unique data set that represents a direct assessment of the brand image of European fund providers. A superior brand image increases the sensitivity of flows to past performance, while an inferior brand decreases it. Funds with a superior brand are not protected against outflows when there is underperformance. A superior brand, coupled with high past performance, generates persistent inflows and performance persistence so investors will benefit when a superior brand fund with high past performance is chosen.

JEL-codes: G11 G23 (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-ipr, nep-pr~ and nep-mkt
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Persistent link: https://EconPapers.repec.org/RePEc:crf:wpaper:13-8

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