Outsourcing in the International Mutual Fund Industry: An Equilibrium View
研究发现，同时管理外包和内部基金的资产管理公司中，内部基金年化收益率比外包基金高0.85%，这归因于内部基金在IPO分配、交易机会和交叉交易上受到优待，尤其在面临大额赎回时。
ABSTRACT We study outsourcing relationships among international asset management firms. We find that, in companies that manage both outsourced and in‐house funds, in‐house funds outperform outsourced funds by 0.85% annually (57% of the expense ratio). We attribute this result to preferential treatment of in‐house funds via the preferential allocation of IPOs, trading opportunities, and cross‐trades, especially at times when in‐house funds face steep outflows and require liquidity. We explain preferential treatment with agency problems: it increases with the subcontractor's market power and the difficulty of monitoring the subcontractor, and decreases with the subcontractor's amount of parallel in‐house activity.