Cash holdings and the performance of European mutual funds

dc.contributor.authorGraef, Frank
dc.contributor.authorVogt, Pascal
dc.contributor.authorVonhoff, Volker
dc.contributor.authorWeigert, Florian
dc.date.accessioned2024-06-03T06:23:59Z
dc.date.available2024-06-03T06:23:59Z
dc.date.issued2019
dc.description.abstractWe investigate the determinants and performance implications of cash holdings for a large sample of actively-managed equity funds domiciled in the European Union (EU). In line with recent evidence from the US, we observe that cash holdings are strongly influenced by a fund’s fee structure, past flows and flow volatility, and a fund’s investment strategy. EU Funds with cash holdings in excess of the level predicted by fund attributes (i.e., high abnormal cash funds) earn higher risk-adjusted returns of 0.48% than their low abnormal cash peers over the subsequent six-months period. However, this outperformance disappears after 12–months.
dc.identifier.doi10.1016/j.frl.2018.08.006
dc.identifier.issn1544-6123
dc.identifier.urihttps://irf.fhnw.ch/handle/11654/42463
dc.language.isoen
dc.publisherElsevier
dc.relation.ispartofFinance Research Letters
dc.spatialAmsterdam
dc.subject.ddc330 - Wirtschaft
dc.titleCash holdings and the performance of European mutual funds
dc.type01A - Beitrag in wissenschaftlicher Zeitschrift
dc.volume29
dspace.entity.typePublication
fhnw.InventedHereYes
fhnw.ReviewTypeAnonymous ex ante peer review of a complete publication
fhnw.affiliation.hochschuleHochschule für Wirtschaft FHNWde_CH
fhnw.affiliation.institutInstitut für Finanzmanagementde_CH
fhnw.openAccessCategoryClosed
fhnw.pagination285-291
fhnw.publicationStatePublished
relation.isAuthorOfPublication70bf1c94-2885-4d0f-8e9c-d435336499c4
relation.isAuthorOfPublication.latestForDiscovery70bf1c94-2885-4d0f-8e9c-d435336499c4
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