The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds vs. Pension Funds
比较了零售共同基金和受托养老基金中资金流动与业绩的关系，发现养老基金客户会惩罚表现差的经理，但不追逐近期赢家，而共同基金投资者则相反。
This study compares the relations between asset flow and performance in the retail mutual fund and fiduciary pension fund segments of the money management industry, and relates empirical differences to fundamental differences in the clientele they serve. A striking difference is the shape of the flow-performance relation. In contrast to mutual fund investors, pension clients punish poorly performing managers by withdrawing assets under management and do not flock disproportionately to recent winners. We interpret these and other empirical differences in the context of the manager evaluation procedures typical in each segment. We conclude that pension managers have little incentive to engage in the risk-shifting behavior previously identified among mutual fund managers.