Open-end mutual funds and capital-gains taxes
解释为何开放式基金频繁实现并分配资本利得，提出模型说明未实现收益会增加新投资者的税负，促使经理人通过分配来降低未实现收益的累积，预测与数据一致。
Despite the fact that taxable investors would prefer to defer the realization of capital gains indefinitely, most open-end mutual funds regularly realize and distribute a large portion of their gains. We present a model in which unrealized gains in the fund's portfolio increase expected future taxable distributions, and thus increase the present value of a new investor's tax liability. In equilibrium, managers interested in attracting new investors pass through taxable capital gains to reduce the overhang of unrealized gains. This model contains a number of empirical predictions that are consistent with data on actual fund overhangs.