Mutual Fund Revenue Sharing in 401(k) Plans
研究发现，401(k)计划中记录保管人通过第三方基金的收入分成获得间接支付，这导致收入分成基金更易被加入菜单且不易被删除，整体上使计划更昂贵，且高费用未被低直接费用或优异业绩抵消。
Recordkeepers in defined contribution (DC) pension plans are often paid indirectly in the form of revenue sharing from third-party funds on the menu. We show that these arrangements affect the investment menu of 401(k) plans. Revenue-sharing funds are more likely to be added to the menu and are less likely to be deleted. Overall, revenue-sharing plans are more expensive, as higher expense ratios are not offset by lower direct fees or by superior performance. Rebates increase with the market power of the recordkeeper, suggesting that third-party funds may share revenues to gain access to retirement assets. This paper was accepted by Camelia Kuhnen, finance. Funding: The research reported herein was performed pursuant to a grant from the TIAA-CREF Institute through the Pension Research Council/Boettner Center (PRC) of the Wharton School of the University of Pennsylvania. Supplemental Material: The internet appendix and data files are available at https://doi.org/10.1287/mnsc.2023.01560 .