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Mutual Fund Growth in Standard and Specialist Market Segments

Stefan Ruenzi ()

Finance from University Library of Munich, Germany

Abstract: We examine differences in the performance flow relationship (PFR) between different segments of the fund industry. Such differences can be caused by distinct mutual fund investors’ characteristics in different segments. In our empirical study of the US equity mutual fund industry in 1993-2001, we find a much more convex PFR in standard segments than in specialist segments. Furthermore, our results suggest that investors in the latter are more fee- and risk-aware than investors in standard segments. Overall, these results hint at investors in specialist segments being more sophisticated than investors in standard segments. Our results should have serious implications for the management of investment companies and for the behavior of fund managers.

Keywords: Mutual Funds; Performance Flow Relationship; Fund Growth; Investor Sophistication (search for similar items in EconPapers)
JEL-codes: G23 (search for similar items in EconPapers)
Date: 2004-06-14, Revised 2004-06-27
Note: Type of Document - pdf; pages: 23
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Related works:
Journal Article: Mutual Fund Growth in Standard and Specialist Market Segments (2005) Downloads
Working Paper: Mutual fund growth in standard an specialist market segments (2005) Downloads
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