Selection effects in the births of mutual funds
研究发现新成立的基金倾向于持有热门股票，这反映了基金家族在选择新基金策略时不仅考虑自身业绩预期，还考虑投资者情绪，这种双重动机影响现有基金和新基金的业绩与资金流。
Abstract Newborn funds disproportionately hold popular stocks, representing long‐lived strategic choices. This suggests that when choosing strategies in which to launch new funds, families do not consider only expectations for their own performance but also consider investor sentiment toward those strategies. The two motives for entry result in an interaction effect between competitive entry and strategy popularity, which affects performance and flows for both existing and newborn funds. Newborn funds' expectations for performance are partly driven by fund manager skill in those strategies, but this is not the only factor, leaving a role for time‐varying investment opportunities.