Financial Management. Fall 2016, Vol. 45 Issue 3, pp 507-528.

緣何基金家族發行表現不佳的孵化共同基金？

作者：Sara E. Shirley (Roger Williams University), Jeffrey R. Stark (Bridgewater State University)

摘要：盡管孵化共同基金的平均表現要比非孵化基金高出3.41%，但是很多發行的基金在孵化期業績不佳。我們發現，發行業績不佳的孵化共同基金與吸引大量資金流入和獲取更低相對風險這兩個目标相聯系。上述發現與以下論斷相一緻：基金家族利用孵化使費用收入最大化，但這一過程是通過增加基金供給而非資金流量與業績之間的關系來完成的。我們還發現業績不佳的孵化基金其孵化時間更長，這意味着當優異表現可被觀測時，基金家族适時地發行基金以利用這一優勢。

Why do Fund Families Release Underperforming Incubated Mutual Funds?

Sara E. Shirley (Roger Williams University), Jeffrey R. Stark (Bridgewater State University)

ABSTRACT：

Although the average incubated mutual fund outperforms non-incubated funds by up to 3.41% annually, a large number of released funds underperform during incubation. We find that launching underperforming incubated mutual funds is associated with objectives that are attracting large inflows and lower relative risk. These findings are consistent with the use of incubation to maximize fee revenue through means other than the flow-to-performance relationship. We also find that underperforming incubated funds are incubated longer, suggesting that families release funds opportunistically to take advantage of outperformance when it is observed.

原文鍊接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12103/abstract

翻譯：孫雨琦