Spillover Effects in Mutual Fund Companies
研究发现，共同基金投资者的资金流向不仅取决于基金自身业绩，还受其管理公司股价表现的影响，且这种影响与基金后续业绩无关，表明公司品牌声誉对客户行为有显著作用。
Our paper investigates spillover effects across different business segments of publicly traded financial conglomerates. We find that the investment decisions of mutual fund shareholders do not depend only on the prior performance of the mutual funds; they also depend on the prior performance of the funds’ management companies. Flows into equity and bond mutual funds increase with the prior stock price performance of the funds’ management companies after controlling for fund performance and other fund characteristics. The sensitivity of flows to the management company’s performance is not justified by the subsequent performance of the affiliated funds. The results indicate that the reputation of a company’s brand has a significant impact on the behavior of its customers. This paper was accepted by Wei Jiang, finance.