Performance and diversification benefits of IPO‐focused mutual funds
研究了投资首次公开募股的共同基金是否跑赢相关指数和不投资首次公开募股的基金，并发现这些基金能带来更好的回报和多元化收益。
Abstract We investigate whether mutual funds that invest in initial public offerings (IPOs) outperform the Renaissance IPO Index, IPOX® 100 U.S. Index, and other comparable equity funds that do not invest in IPOs. We also explore whether investors gain diversification benefits by investing in IPO‐focused mutual funds. Using a sample of active open‐ended US equity mutual funds, we find that IPO‐focused funds outperform the Renaissance IPO Index and comparable funds that do not invest in IPOs. Moreover, they provide investors with the benefit of diversification along with better returns. We also find the value added by active management based on IPO strategy.