no 97 01 performance and market share evidence from the german mutual fund industry jan p krahnen johann wolfgang goethe universität center for financial studies frankfurt am frank a schmid federal reserve bank of st louis erik theissen september 1997 abstract sample open end funds is analyzed using monthly observations which cover period 1987 1993 we show that risk adjusted these varies significantly in cross section provide differences translate into changes shares allowing better to grow faster than poor performers specification test supports hypothesis households base their investment decisions on returns rather raw keywords return household behavior jel classification g23 ____________ corresponding author mertonstr 17 21 d 60054 germany e mail wiwi uni de this paper was written when visiting views expressed it are not necessarily those or
