The Lure of the Brand: Evidence from the European Mutual Fund Industry
研究基金家族品牌对资金流动的影响，发现品牌形象好时资金对好业绩更敏感，业绩差时能防止资金流出，且独立提供商的资金流动对业绩和品牌更敏感。
Abstract We investigate the effect of the fund family's brand on mutual fund flows by using a unique data set that represents a direct assessment of the brand image of European fund providers. A superior brand image increases the sensitivity of flows to good past performance, while it protects against outflows when there is underperformance. Flows of funds of independent providers have a higher sensitivity to past performance and brand image than flows of funds of providers owned by banks or insurers. These findings highlight the importance of marketing and brand in generating growth for the fund families.