Good Stewards, Cheap Talkers, or Family Men? The Impact of Mutual Fund Closures on Fund Managers, Flows, Fees, and Performance
研究1993-2004年间125只股票型共同基金关闭的原因和后果，发现基金在业绩优异和资金异常流入后关闭，关闭时提高费用以补偿规模限制带来的收入损失，但重新开放后业绩并未更优，说明关闭决策不预示经理能力。
We examine a sample of 125 equity mutual funds that closed to new investment between 1993 and 2004. We find that funds close following a period of superior performance and abnormal fund inflows. Fund managers raise their fees when they close to compensate managers for losses in income due to the restrictions in size imposed by the fund closure decision. Managers reopen when fund size declines. However, they do not earn superior returns after reopening, suggesting that the fund closure decision does not provide information about superior fund managers.