Speed of Information Diffusion within Fund Families
研究发现共同基金家族内部信息传播速度越快，基金业绩越好，因为快速传播带来的信息精确度提升远超搭便车成本，且不同风格经理间的信息传播效果更强。
We document that speed of information dissemination within mutual fund families positively affects fund performance. This suggests that the resultant benefits of higher information precision far outweigh free-riding costs associated with fast internal dissemination. The performance effect is stronger when information travels across managers from different, rather than the same, styles. This is consistent with fast information diffusion aggregating complementary insights that sharpen information precision, but also with fewer free-riding opportunities among managers from different styles. Managers rationally exploit the resultant higher information precision by trading more, relying less on public information, and investing differently than unaffiliated peers.