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

缘何基金家族发行表现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：尽管孵化共同基金的平均表现要比非孵化基金高出3.41%，但是很多发行的基金在孵化期业绩不佳。我们发现，发行业绩不佳的孵化共同基金与吸引大量资金流入和获取更低相对风险这两个目标相联系。上述发现与以下论断相一致：基金家族利用孵化使费用收入最大化，但这一过程是通过增加基金供给而非资金流量与业绩之间的关系来完成的。我们还发现业绩不佳的孵化基金其孵化时间更长，这意味着当优异表现可被观测时，基金家族适时地发行基金以利用这一优势。

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.

原文链接：

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

翻译：孙雨琦