Why Do Money Fund Managers Voluntarily Waive Their Fees?
超过一半的货币基金经理自愿放弃合同规定的费用，平均只收取报告费用率的一半。放弃费用与相对业绩差异有关：低业绩基金通过放弃费用提升净业绩；高业绩零售基金则策略性地调整净业绩以吸引资金流入，而高业绩机构基金因无法显著改善相对业绩而不多放弃。
Over half of money fund managers voluntarily waive fees they have a contractual right to claim. Moreover, as a consequence of fee waivers, funds on average collect one half of reported expense ratios. Variation in fee waivers is significant and relates to differences in relative performance. Both low‐performing retail and institutional funds waive fees to improve their net performance. More interestingly, high‐performing retail, but not institutional, funds use fee waivers to strategically adjust net performance to increase expected fund flows. Despite fund flow incentives, high‐performing institutional funds do not waive more because they cannot significantly improve their relative performance.