Attracting Flows by Attracting Big Clients
利用企业401(k)退休计划及其共同基金家族受托人的独特数据集，发现成为受托人能带来大量资金流入，且受托人倾向于超配并惜售客户公司股票，这种效应在关系价值更高时更明显。
ABSTRACT We explore a new channel for attracting inflows using a unique data set of corporate 401(k) retirement plans and their mutual fund family trustees. Families secure substantial inflows by being named trustee. We find that family trustees significantly overweight, and are reluctant to sell, their 401(k) client firm's stock. Trustee overweighting is more pronounced when the relationship is more valuable to the trustee family, and is concentrated in those funds receiving the greatest benefit from the inflows. We quantify this flow benefit and find that inclusion in the 401(k) plan has an economically and statistically large, positive effect on inflows.