Conflicting Family Values in Mutual Fund Families
研究发现，大型基金家族提供的关联基金（只能投资家族内其他基金）实际上充当了其他基金的流动性保险池，虽使家族避免折价抛售，但成本由关联基金投资者承担，揭示了受托责任的隐藏复杂性。
ABSTRACT We analyze the investment behavior of affiliated funds of mutual funds (AFoMFs), which are mutual funds that can only invest in other funds in the family, and are offered by most large families. Though never mentioned in any prospectus, we discover that AFoMFs provide an insurance pool against temporary liquidity shocks to other funds in the family. We show that, though the family benefits because funds can avoid fire sales, the cost of this insurance is borne by the investors in the AFoMFs. The paper thus uncovers some of the hidden complexities of fiduciary responsibility in mutual fund families.