Mutual Fund Exit and Mutual Fund Fees
研究了共同基金费用结构如何影响基金退出的方式和时机，发现费用最大化动机导致减少费用收入的退出被延迟，而保留费用收入的退出策略更常见。
We examine the effect of mutual fund fee structure on mutual fund exit mode and timing. The evidence presented herein is consistent with fee maximization by mutual fund sponsors or managers, increased conflicts of interest for funds charging 12b-1 fees and higher management fees, and a pecking order for mutual fund exit method. Specifically, mutual fund exits that result in decreased fee income are delayed relative to exits that do not and exit strategies that retain fee income are more likely than strategies that do not.