Capital Commitment and Performance: The Role of Mutual Fund Charges
研究了资本承诺稀缺如何影响资产管理行业的净阿尔法均衡分布，发现资本承诺使基金长期持股并利用缓慢套利机会，为长期投资者创造更高净价值。
Abstract We study how the scarcity of committed capital affects the equilibrium distribution of net alphas in the asset management industry. We propose a model of active portfolio management with different sales fee structures where committed capital is in short supply. In the model, a portfolio’s excess return is not fully appropriated by the money manager but shared with long-term investors. Empirically, we show that capital commitment allows funds to hold shares longer and take advantage of slow-moving arbitrage opportunities. Consistent with the model, funds with more committed capital generate higher value added, which, net of fees, accrues to long-term investors.