TAILIEUCHUNG - Are There Disadvantaged Clienteles in Mutual Funds?

In November 2009, EIF issued a working paper on the European microfinance market (see Kraemer-Eis and Conforti, 2009). In this study, we found that there are wide spectra of final beneficiaries and intermediaries and concluded that there is no common microfinance business model in Europe. While our findings suggested that the microfinance market is immature and fragmented, they also pointed to its growing importance as a market segment with a potential to counter poverty and unemployment while fostering financial and social inclusion. . | Stephan Jank centre for Financial Research Look deeper Are There Disadvantaged Clienteles in Mutual Funds CFR-Working Paper NO. 11-02 Are There Disadvantaged Clienteles in Mutual Funds ỉ Stephan Jank Abstract This paper studies the flow-performance relationship of three different investor groups in mutual funds Households financial corporations and insurance companies and pension funds establishing the following findings Financial corporations have a strong tendency to chase past performance and also hold an increased share in the top performing funds. Insurance companies and pension funds show some evidence of performance chasing but are underrepresented in the best performing funds. Households chase performance but they are also subject to status quo bias in their flows. Regarding investor composition the worst performing funds show no significant difference in their investor structure when compared to funds with average performance. Keywords Mutual Funds Flow-Performance Relationship Clientele JEL G11 G20 G23 H would like to thank the Deutsche Bundesbank notably Matthias Schrape for providing the data on mutual fund depositor groups. This paper was written during a visit to the Deutsche Bundesbank and I gratefully acknowledge its financial support. I thank Joachim Grammig Alexander Kempf Stefan Ruenzi Erik Theissen Martin Weber and Michael Wedow the participants of the University of Mannheim Research Seminar on Financial Markets the European Winter Finance Conference EWFC 2010 in Andermatt the Deutsche Bundesbank Research Seminar the CFR Colloquium on Financial Markets 2010 and the MFA Annual Meeting 2010 in Las Vegas for their comments and suggestions. All remaining errors are of course my own. University of Tubingen and Centre for Financial Research CFR Cologne. Contact University of Tubingen Department of Economics Mohlstrasse 36 D-72074 Tubingen Germany. E-mail 1 Introduction Mutual fund investors chase past performance even .

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