Costly Search and Mutual Fund Flows
研究股票型共同基金的资金流入流出，发现消费者基于历史业绩不对称地选择基金，搜寻成本是重要决定因素，高业绩对高营销努力的基金更显著，资金流与基金规模和媒体关注度正相关。
This paper studies the flows of funds into and out of equity mutual funds. Consumers base their fund purchase decisions on prior performance information, but do so asymmetrically, investing disproportionately more in funds that performed very well the prior period. Search costs seem to be an important determinant of fund flows. High performance appears to be most salient for funds that exert higher marketing effort, as measured by higher fees. Flows are directly related to the size of the fund's complex as well as the current media attention received by the fund, which lower consumers' search costs.