Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization
研究主动管理基金中规模对业绩的影响，发现基金回报随规模增大而下降，尤其在投资小盘和低流动性股票的基金中更明显，但基金所属家族规模不影响业绩，且团队管理等因素可能缓解规模负面效应。
We investigate the effect of scale on performance in the active money management industry. We first document that fund returns, both before and after fees and expenses, decline with lagged fund size, even after accounting for various performance benchmarks. We then explore a number of potential explanations for this relationship. This association is most pronounced among funds that have to invest in small and illiquid stocks, suggesting that these adverse scale effects are related to liquidity. Controlling for its size, a fund's return does not deteriorate with the size of the family that it belongs to, indicating that scale need not be bad for performance depending on how the fund is organized. Finally, using data on whether funds are solo-managed or team-managed and the composition of fund investments, we explore the idea that scale erodes fund performance because of the interaction of liquidity and organizational diseconomies.