Is There Investment Value in the Soft-Dollar Arrangement? Evidence from Mutual Funds
结合分析师就业历史和共同基金佣金支付数据，研究发现客户基金在能接触到行业专家分析师研究的股票上获得更高回报，且这种超额收益在基金作为重要客户时更显著，为软美元安排的投资价值提供了证据。
Abstract Combining novel data on analyst employment history and mutual fund commission payments, we show that client funds generate higher returns on stocks for which they have access to research by industry expert analysts. The outperformance is greater when funds are more important clients and cannot be attributed to tipping. Client funds place modestly higher weights on stocks covered by industry expert analysts and allocate more commissions to brokers providing such coverage. For identification, we exploit exogenous analyst coverage disruptions. Our findings contribute to the debate on whether mutual funds obtain any investment value from access to analysts through the soft-dollar arrangement. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.