To Group or Not to Group? Evidence from Mutual Fund Databases
研究发现，由于数据库记录差异，团队管理对基金回报的影响被低估了50个基点；使用更准确的数据后，团队管理基金在多项绩效指标上优于单独管理基金，且风险相当。
Despite the overwhelming trend in mutual funds toward team management, empirical studies find no performance benefits for this phenomenon. We show it is caused by large discrepancies in reported managerial structures in Center for Research in Security Prices and Morningstar Principia data sets versus U.S. Securities and Exchange Commission records, resulting in up to 50-basis-points underestimation of the team impact on fund returns. Using more accurate Morningstar Direct data, we find that team-managed funds outperform single-managed funds across various performance metrics. The relation between team size and fund performance is nonlinear. Also, team-managed funds take on no more risk than single-managed funds. Overall, team management benefits fund industry performance.