Mutual Fund Proliferation and Entry Deterrence
研究了共同基金家族为何在全球推出大量基金和风格，发现它们通过填充细分的风格网格来阻塞产品空间，从而阻止新竞争者进入市场。
Abstract Why do so few mutual fund families launch so many funds and styles around the world? We argue that launching numerous funds on an increasingly granular style grid allows incumbent families to congest the product space and deter market entry. Key to this argument is the persistently low dimensionality of the mutual fund product space, a fact we establish by analyzing the names of over 40,000 equity funds sold in 91 countries between 1931 and 2015. Over time, the strategy of filling up the style grid has led to the dominance of few families offering large, granular, and similar fund menus. 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.