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Decision processes in German mutual fund companies: evidence from a telephone survey

Author

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  • Kerstin Drachter
  • Alexander Kempf
  • Michael Wagner

Abstract

Purpose - The performance of actively managed mutual funds is largely dependent upon the investment decisions of the fund managers. The purpose of this study is to examine the decision processes in German fund companies and their impact on fund performance. Design/methodology/approach - The paper uses a telephone survey to assess the behavior and attitudes of German mutual fund managers. The design of the survey allows a linkage of fund manager data with information about mutual funds and fund management companies. Findings - The evidence shows firstly, that it is possible to conduct a high quality survey study even though managers know that their answers will be linked to their performance and secondly, that the behavior of managers depends heavily on the characteristics of the funds and the characteristics of the fund company. Research limitations/implications - In the paper, factors are identified which influence the short‐term performance of fund managers. In further studies, one should examine whether these factors also determine the long‐term performance of fund managers. Originality/value - This is the first survey study that attempts to link the information provided by fund managers to information about the funds and fund companies.

Suggested Citation

  • Kerstin Drachter & Alexander Kempf & Michael Wagner, 2007. "Decision processes in German mutual fund companies: evidence from a telephone survey," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 3(1), pages 49-69, January.
    • Handle: RePEc:eme:ijmfpp:v:3:y:2007:i:1:p:49-69
    DOI: 10.1108/17439130710721653
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    Citations

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    Cited by:

    1. Coleman, Les, 2014. "Why finance theory fails to survive contact with the real world: A fund manager perspective," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(3), pages 226-236.
    2. Brooks, Chris & Fenton, Evelyn & Schopohl, Lisa & Walker, James, 2019. "Why does research in finance have so little impact?," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 58(C), pages 24-52.
    3. Deepak Chawla, 2014. "An Empirical Analysis of Factors Influencing Investment in Mutual Funds in India," Global Business Review, International Management Institute, vol. 15(3), pages 493-503, September.
    4. Thomas P. Gehrig & Torben Lütje & Lukas Menkhoff, 2009. "Bonus Payments and Fund Managers' Behavior: Transatlantic Evidence," CESifo Economic Studies, CESifo Group, vol. 55(3-4), pages 569-594.
    5. Michela Rancan, 2013. "The Value of Social Networks in Financial Markets," RSCAS Working Papers 2013/21, European University Institute.

    More about this item

    Keywords

    Unit trusts; Surveys; Germany;
    All these keywords.

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