How Does Size Affect Mutual Fund Behavior?
研究资产规模增长对共同基金投资行为的影响，发现大型基金和小盘基金在增长时会更分散投资，且分散化有助于提升业绩；基金家族增长则通过发行新基金实现分散。
ABSTRACT If actively managed mutual funds suffer from diminishing returns to scale, funds should alter investment behavior as assets under management increase. Although asset growth has little effect on the behavior of the typical fund, we find that large funds and small‐cap funds diversify their portfolios in response to growth. Greater diversification, especially for small‐cap funds, is associated with better performance. Fund family growth is related to the introduction of new funds that hold different stocks from their existing siblings. Funds with many siblings diversify less rapidly as they grow, suggesting that the fund family may influence a fund's portfolio strategy.