Family Matters: Rankings Within Fund Families and Fund Inflows
研究美国股票基金家族内排名对资金流入的影响，发现进入家族顶部排名会带来额外资金流入，尤其在大家族中更显著，且排名上升也会增加流入，这加剧了家族内竞争和经理的风险承担激励。
Abstract: This paper examines the influence of the position of a fund within its family on its subsequent net‐inflows. Our empirical study of the US equity mutual fund market shows that reaching a top position within the family leads to large inflows. These inflows accrue beyond those expected, given the performance of the fund in its respective market segment. The effect is much stronger in large families than in small families. We also find that inflows significantly increase if a fund moves into the top positions within its family from one year to another. These results lead to competition within the fund family and to important risk taking incentives for fund managers.