Demand Curves and the Pricing of Money Management
发现基金收费差异源于面临不同的需求曲线，其中资产留存是关键因素：对业绩敏感的投资者会从差基金流向好基金，并带走其业绩敏感性。零售基金的历史流失率显著影响当前定价，而机构基金则不然。
One reason why funds charge different prices to their investors is that they face different demand curves. One source of differentiation is asset retention: Performance-sensitive investors migrate from worse to better prospects, taking their performance sensitivity with them. In the cross-section we show that past attrition significantly influences the current pricing of retail but not institutional funds. In time-series we show that the repricing of retail funds after merging in new shareholders is predicted by the estimated effect on its demand curve. This result is robust to other influences on repricing, including asset and account-size changes.