This bachelor thesis investigates different determinants for absolute and relative fund flows in socially responsible investment (SRI) funds and conventional funds on the German Market. My multivariate analyses study the flow performance relationship, but also incorporate persistence in flows, expenses and typical fund characteristics such as age, total net assets and number of share classes. I find a high dependency of flows on prior returns from funds known as a return chasing behaviour. My model shows different flow-performance relations depending on the kind of sustainability fund and how the perception of investors changed over time towards being more sensitive regarding SRI criteria. Most importantly there exists a strong momentum effect for funds shown with persistent flows in Germany over different periods of time.
Table of contents
List of tables
List of figures
List of symbols
List of abbreviations
1 Introduction objectives and current relevance
2 Literature review – Determinants of fund flows
2.1 Creation of value through SRI screening
2.2 Relation of returns on fund flows
2.3 Loads and Expenses
3 Literature review – Sustainable Investment Funds in Germany
3.1 The SRI Market in Germany
3.2 Regulation of SRI Investment Funds in Germany
3.3 Performance of SRI Funds in Germany
4 Empirical Analysis – Determinants of net fund flows between conventional and sustainable Investment Funds in Germany
4.1 Data description and sample selection
4.2 Categorization of Sustainable and Conventional Funds
4.3 Methodology
5 Results
5.1 Observations and developments for underlying dataset
5.2 Determinants of fund flows
5.3 Comparison with the underlying paper from Benson et al.
6 Conclusion and discussion
7 Bibliography
8 Appendices
- Quote paper
- Lennart Berger (Author), 2017, A comparison of the determinants of fund flows for conventional and sustainable funds, Munich, GRIN Verlag, https://www.grin.com/document/448492
-
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X.