An Analysis of the Determinants and Shareholder Wealth Effects of Mutual Fund Mergers
研究共同基金合并的决定因素，发现目标基金股东在合并后业绩改善、费用降低，而收购基金股东业绩恶化，合并后资金净流入持续为负。
ABSTRACT This study examines the determinants of mutual fund mergers and their subsequent wealth impact on shareholders of target and acquiring funds. Results indicate significant improvements in postmerger performance and a reduction in expense ratios for target fund shareholders. In contrast, acquiring fund shareholders experience a significant deterioration in postmerger performance. The net asset flows continue to remain negative for the combined fund in the year following the merger. The likelihood of a fund merger is inversely related to fund size for both within‐and across‐family mutual fund mergers. However, poor past performance is a significant determinant for only within‐family mergers.