Mutual Fund Clienteles*

• 成果类型: Article; Early Access
• 署名作者: Fricke, Daniel; Jank, Stephan; Wilke, Hannes
• 署名单位: Deutsche Bundesbank
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag019
• 发表日期: 2026-05-07
• 关键词: G10; G11; G23; institutional investors; fire sales; performance; INVESTMENT; fragility; BEHAVIOR; CRISIS; FLOWS; money; runs

摘要

Using a unique data set on the ownership composition of euro area equity funds, we find substantial differences in the flow-performance sensitivity across mutual fund clienteles. Households, followed by insurers, display the weakest sensitivity, whereas investment funds-as investors in mutual funds-exhibit the strongest sensitivity. Crucially, these behavioral differences hold within the same fund-quarter, ruling out heterogeneity across funds as a potential driver. We relate these clientele effects to monitoring incentives and balance sheet constraints. Lastly, we find that households respond more strongly to poor performance when surrounded by more performance-sensitive investors, indicating strategic interactions in investor flows.