Success and Failure on the Corporate Bond Fund Market

Rohleder M, Scholz H, Wilkens M (2018)

Publication Language: English

Publication Type: Journal article

Publication year: 2018


Book Volume: 19

Pages Range: 429-443

Journal Issue: 6

DOI: 10.1057/s41260-018-0086-7


We present the first broad overview of the factors determining corporate bond fund success and failure in terms of performance and survival. We show that the main determinant of survival is size. Performance matters only for small funds while large funds survive unconditionally, consistent with maintaining fee revenues. We neither find persistence in performance nor diseconomies of scale. This is due to advantages of larger funds in corporate bond trading. Other fund and family characteristics are unrelated to performance and survival, contrasting previous finings in equity funds. Thus, there are similarities but also important differences between the factors determining success and failure on the corporate bond and equity fund markets.

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Rohleder, M., Scholz, H., & Wilkens, M. (2018). Success and Failure on the Corporate Bond Fund Market. Journal of Asset Management, 19(6), 429-443.


Rohleder, Martin, Hendrik Scholz, and Marco Wilkens. "Success and Failure on the Corporate Bond Fund Market." Journal of Asset Management 19.6 (2018): 429-443.

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