Cash holdings and the performance of European mutual funds
dc.contributor.author | Graef, Frank | |
dc.contributor.author | Vogt, Pascal | |
dc.contributor.author | Vonhoff, Volker | |
dc.contributor.author | Weigert, Florian | |
dc.date.accessioned | 2024-06-03T06:23:59Z | |
dc.date.available | 2024-06-03T06:23:59Z | |
dc.date.issued | 2019 | |
dc.description.abstract | We 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.doi | 10.1016/j.frl.2018.08.006 | |
dc.identifier.issn | 1544-6123 | |
dc.identifier.uri | https://irf.fhnw.ch/handle/11654/42463 | |
dc.language.iso | en | |
dc.publisher | Elsevier | |
dc.relation.ispartof | Finance Research Letters | |
dc.spatial | Amsterdam | |
dc.subject.ddc | 330 - Wirtschaft | |
dc.title | Cash holdings and the performance of European mutual funds | |
dc.type | 01A - Beitrag in wissenschaftlicher Zeitschrift | |
dc.volume | 29 | |
dspace.entity.type | Publication | |
fhnw.InventedHere | Yes | |
fhnw.ReviewType | Anonymous ex ante peer review of a complete publication | |
fhnw.affiliation.hochschule | Hochschule für Wirtschaft FHNW | de_CH |
fhnw.affiliation.institut | Institut für Finanzmanagement | de_CH |
fhnw.openAccessCategory | Closed | |
fhnw.pagination | 285-291 | |
fhnw.publicationState | Published | |
relation.isAuthorOfPublication | 70bf1c94-2885-4d0f-8e9c-d435336499c4 | |
relation.isAuthorOfPublication.latestForDiscovery | 70bf1c94-2885-4d0f-8e9c-d435336499c4 |
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