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

Alexander Kempf and Stefan Ruenzi ()
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Alexander Kempf: University of Cologne - Department of Finance

Finance from EconWPA

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.

Keywords: Mutual Funds; Fund Families; Performance Flow Relationship; Intra-Firm Competition (search for similar items in EconPapers)
JEL-codes: G (search for similar items in EconPapers)
Date: 2004-04-22, Revised 2004-05-26
Note: Type of Document - pdf; pages: 26. 26 pages, pdf, prepared from pdftex
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpfi:0404012

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