Good stewards, cheap talkers, or family men? The impact of mutual fund closures on fund managers, flows, fees, and performance
成果类型：
Article
署名作者：
Bris, Arturo; Gulen, Huseyin; Kadiyala, Padma; Rau, P. Raghavendra
署名单位：
Purdue University System; Purdue University; Pace University; Virginia Polytechnic Institute & State University
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhl017
发表日期：
2007
页码：
953
关键词：
摘要：
We examine a sample of 125 equity mutual funds that closed to new investment between 1993 and 2004. We find that funds close following a period of superior performance and abnormal fund inflows. Fund managers raise their fees when they close to compensate managers for losses in income due to the restrictions in size imposed by the fund closure decision. Managers reopen when fund size declines. However, they do not earn superior returns after reopening, suggesting that the fund closure decision does not provide information about superior fund managers.
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