The Relation between Price and Performance in the Mutual Fund Industry
发现业绩差的主动管理股票基金反而收取更高费用，并解释这是基金在投资者对业绩敏感度不同时的策略性定价结果，对关注基金费用与治理的投资者有参考价值。
ABSTRACT Gruber (1996) drew attention to the puzzle that investors buy actively managed equity mutual funds, even though on average such funds underperform index funds. We uncover another puzzling fact about the market for equity mutual funds: Funds with worse before‐fee performance charge higher fees. This negative relation between fees and performance is robust and can be explained as the outcome of strategic fee‐setting by mutual funds in the presence of investors with different degrees of sensitivity to performance. We also find some evidence that better fund governance may bring fees more in line with performance.