Mutual Fund Incubation
研究了基金公司私下启动多只基金，评估期后部分公开的孵化策略，发现孵化期基金风险调整后收益高出3.5%，公开后吸引更多资金流入，但此后超额收益消失，导致回报存在向上偏差。
ABSTRACT Incubation is a strategy for initiating new funds, where multiple funds are started privately, and, at the end of an evaluation period, some are opened to the public. Consistent with incubation being used by fund families to increase performance and attract flows, funds in incubation outperform nonincubated funds by 3.5% risk‐adjusted, and when they are opened to the public they attract higher flows. Postincubation, however, this outperformance disappears. This performance reversal imparts an upward bias to returns that is not removed by a fund size filter. Fund age and ticker creation date filters, however, eliminate the bias.