Purchase and redemption decisions of mutual fund investors and the role of fund families
研究了德国股票基金投资者的申购和赎回行为，发现投资者会惩罚差业绩并卖出赢家，且大型基金家族的投资者赎回率更高，家族内部排名也影响赎回决策。
This paper investigates the purchases and redemptions of a large cross-sectional sample of German equity funds. We find that investors not only punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large fund families show higher sales and redemption rates. Furthermore, family size also affects the flow-performance relationship: investors in large families punish bad performance more. Last, we find that inner family rankings play an important part for redemptions, with investors strongly redeeming their shares from intra-family losers. This result provides a potential reconciliation to the apparent contradiction between the low average holding period of mutual fund investors and the lack of investor discipline.