Mutual fund growth in standard an specialist market segments

Stefan Ruenzi

No 05-08, CFR Working Papers from University of Cologne, Centre for Financial Research (CFR)

Abstract: This paper is concerned with differences in the performance-flow relationship (PFR) between standard and specialist market segments of the mutual fund industry. We expect differences in this relationship because investor characteristics might vary across different segments. Our results show that the PFR is more convex in standard segments as compared to specialist segments. Furthermore, investors in standard segments are less risk-averse and invest more in high-load funds than investors in specialist segments. Our findings are consistent with investors in standard segments being less sophisticated than investors in specialist segments and to rely more heavily on the advice of financial brokers, which is compensated for by load fees.

Date: 2005
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Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Mutual Fund Growth in Standard and Specialist Market Segments (2005)
Working Paper: Mutual Fund Growth in Standard and Specialist Market Segments (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cfrwps:0508

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