Marketing Mutual Funds
研究发现营销和分销费用占主动管理成本约三分之一，营销对基金规模的影响几乎与业绩和费率相当；消除营销能显著提升福利，使资本流向更便宜的基金并降低费率，同时主动基金规模缩小，资本配置更贴近技能。
Abstract Marketing and distribution expenses are responsible for about one-third of the cost of active management in the mutual fund industry. Estimating a structural model with costly investor search and learning about fund skill, we find that marketing is nearly as important as performance and fees in determining fund size. Eliminating marketing substantially improves welfare: capital shifts toward cheaper funds and competition decreases fees; active funds shrink and capital allocation becomes more closely aligned with skill. Declining investor search costs imply a reduction in marketing expenses and management fees as well as a shift toward passive investing, as observed empirically.