The Modern Mutual Fund Family

• 成果类型: Article
• 署名作者: Dannhauser, Caitlin D.; Spilker, Harold D.
• 署名单位: Villanova University; University of Hawaii System; University of Hawaii Manoa
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2023.02.001
• 发表日期: 2023
• 页码: 1-20
• 关键词: MUTUAL FUND FAMILIES; active management; Passive management; COMPETITION; moral hazard; Cross-trading

摘要

Modern mutual fund families include more than active mutual funds (AMFs). AMFs in families with greater index mutual fund (IMF) presence generate higher category-adjusted gross returns. Performance is positively related to the levels of passive and active fees, sug-gesting moral hazard. Intrafamily competition from IMFs in the same Morningstar category incentivizes managers to exert effort. Financial resources do not contribute to the perfor-mance effect. Cross-trading with IMFs occurs with some positive effect on performance. ETFs have no impact on performance. IMFs reduce flow-performance sensitivity and flow volatility of AMFs in the family. IMFs and ETFs uniquely contribute to expense pressure.(c) 2023 Elsevier B.V. All rights reserved.