Why Focus? A Study Of Intra‐Industry Focus Effects
研究发现，在行业内，企业聚焦与生产高价值产品的能力正相关，但由于错过广泛产品组合带来的需求外部性，聚焦对企业整体绩效的影响为负。美国共同基金中，属于更聚焦的基金提供者的基金表现优于多元化提供者的类似基金，但现金流入与聚焦负相关。
In an intra‐industry setting, firm‐focus is found to be positively correlated with the ability of firms to produce high‐value products, while the overall effect of focus on firm performance is negative due to missed demand externalities generated by a broad product offering. In particular, it is shown that U.S. mutual funds that belong to more focused fund providers outperform similar funds offered by more diversified providers. An explanation based on alignment among a provider's activities is consistent with this result. Cash inflows into fund providers—a measure related to fund provider profitability—is, however, negatively correlated with focus in fund offerings.