Journalartikel
Autorenliste: Heyden, Kim J.; Roeder, Florian
Jahr der Veröffentlichung: 2020
Seiten: 1125-1145
Zeitschrift: European Journal of Finance
Bandnummer: 26
Heftnummer: 12
ISSN: 1351-847X
eISSN: 1466-4364
DOI Link: https://doi.org/10.1080/1351847X.2020.1720261
Verlag: Taylor and Francis Group
Abstract:
We investigate the smart money effect in the German mutual fund market from 2001 to 2016. Results show a positive relation between fund flows and subsequent performance for mutual funds with a European or international diversified investment focus. Funds that invest domestically, however, show no signs of a smart money effect. Moreover, evidence suggests that flows to funds managed by bank-affiliated investment companies are smart. We argue that less sophisticated investors rather invest domestically and that financial advice improves retail investors' mutual fund investment decisions.
Zitierstile
Harvard-Zitierstil: Heyden, K. and Roeder, F. (2020) The smart money effect in Germany - do investment focus and bank-affiliation matter?, European Journal of Finance, 26(12), pp. 1125-1145. https://doi.org/10.1080/1351847X.2020.1720261
APA-Zitierstil: Heyden, K., & Roeder, F. (2020). The smart money effect in Germany - do investment focus and bank-affiliation matter?. European Journal of Finance. 26(12), 1125-1145. https://doi.org/10.1080/1351847X.2020.1720261
