Fintech Platforms and Mutual Fund Distribution

• 成果类型: Article
• 署名作者: Hong, Claire Yurong; Lu, Xiaomeng; Pan, Jun
• 署名单位: Shanghai Jiao Tong University; Fudan University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.01966
• 发表日期: 2025
• 关键词: FinTech; platforms; centralized distribution; Flow-performance sensitivity; managerial risk taking

摘要

We document a novel platform effect caused by the emergence of fintech platforms in the intermediation of financial products. In China, platform distributions of mutual funds emerged in 2012 and grew quickly into a formidable presence. Utilizing the staggered entrance of funds onto platforms, we find a marked increase of performance chasing driven by the centralized information flow unique to fintech platforms. This pattern is further confirmed using proprietary data from a top platform. Examining the platform impact on fund managers, we find that incentivized by the amplified performance chasing, fund managers increase risk-taking to enhance their probability of getting onto the top ranking.