Why Do Fund Families Release Underperforming Incubated Mutual Funds?
研究发现，尽管孵化式基金平均年化超额收益达3.41%，但许多发行基金在孵化期表现不佳，这与吸引大额资金流入和较低相对风险的目标相关，表明基金家族利用孵化最大化费用收入。
Although the average incubated mutual fund outperforms nonincubated 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 attract 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.