Broken promises, competition, and capital allocation in the mutual fund industry
研究发现投资者不仅关注基金业绩和费用，还偏好遵守招募说明书策略的经理；基金偏离同行策略会引发资本流出，但业绩好时资本流入，揭示了承诺与业绩之间的权衡。
What characteristics of mutual funds do investors care about? In addition to performance and fees, we show that investors exhibit a clear preference for managers who adhere to the strategies they describe in their prospectuses. Capital flows respond negatively when funds diverge from the average holdings of their text-based strategy peer groups, but positively when they outperform those peer averages. We identify this effect using a novel instrumental variables approach, and show that funds face a delicate trade-off between keeping their promises and outperforming their peers who make similar promises.