Why Do Mutual Fund Advisory Contracts Change? Performance, Growth, and Spillover Effects
研究了股票型共同基金投资咨询合同费率的变化，发现费率上调与优异业绩相关，下调与规模经济相关，且基金家族内部存在溢出效应。
ABSTRACT We examine changes in equity mutual funds' investment advisory contracts. We find substantial advisory compensation rate changes in both directions, with typical percentage fee shifts exceeding one‐fourth. Rate increases are associated with superior past market‐adjusted performance, whereas rate decreases reflect economies of scale associated with growth, and are not associated with extreme poor performance. There are within‐family spillover effects. Superior (e.g., star) performance for individual funds is associated with rate increases for a family's other funds. Rate reductions post‐2004 by family funds involved in market timing scandals do not have large industry spillover effects.