Graef, FrankVogt, PascalVonhoff, VolkerWeigert, Florian2024-06-032024-06-0320191544-612310.1016/j.frl.2018.08.006https://irf.fhnw.ch/handle/11654/42463We 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.en330 - Wirtschaft01A - Beitrag in wissenschaftlicher Zeitschrift285-291