Mutual Fund Performance and Performance Persistence The Impact of Fu
Superior investment performance is the ultimate objective of mutual fund investors. However, past fund performance is no reliable indicator of future performance. Peter Lückoff investigates why fund flows and manager changes act as equilibrium mechanisms
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GABLER RESEARCH Geld – Banken – Börsen Herausgegeben von Prof. Dr. Wolfgang Bessler
Mit der Schriftenreihe Geld – Banken – Börsen wird der zunehmenden Bedeutung der kapitalmarktorientierten Sichtweise innerhalb der Betriebswirtschaftslehre Rechnung getragen. In diese Reihe sollen Dissertationen und Habilitationen aufgenommen werden, die aktuelle Fragestellungen in den Themengebieten Finanzierung und Geldanlage sowie Finanzmärkte und Finanzinstitutionen behandeln und sich durch neue, für Theorie und Praxis relevante Forschungsergebnisse auszeichnen.
Peter Lückoff
Mutual Fund Performance and Performance Persistence The Impact of Fund Flows and Manager Changes With a foreword by Prof. Dr. Wolfgang Bessler
RESEARCH
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de.
Doctoral thesis, Justus-Liebig-Universität Gießen, 2010
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Foreword The institutionalization of the asset management industry and the delegation of portfolio management decisions to professional fund managers have gained in importance during the last decade. Consequently, asset management in general and the evaluation of the investment performance of managed portfolios in particular have evolved into important topics in the mutual fund industry as well as in academic research. Most of the empirical studies on mutual fund performance and performance persistence have concluded that, on average, mutual funds do not outperform their respective benchmark after costs. These results lead to a number of interesting and important research questions. Peter L¨ uckoff addresses these issues by analyzing theoretically and empirically the investment performance and the performance persistence of about 4,000 U. S. equity mutual funds. Instead of focusing only on performance measurement, his objective is to investigate the factors that may be responsible for the empirical findings in the academic literature of no persistent abnormal performance. His main research question is therefore: Why is persistent mutual f
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