Mutual Fund Proliferation and Entry Deterrence

IF 2.2 Q2 BUSINESS, FINANCE

Review of Asset Pricing Studies Pub Date : 2023-05-16 DOI:10.1093/rapstu/raad009

Sebastien Betermier, David Schumacher, Ali Shahrad

引用次数: 0

Abstract

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. (JEL G15, G23, L1) Received November 23, 2021; editorial decision February 9, 2023 by Editor Marcin Kacperczyk. 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.

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共同基金扩散和进入威慑

为什么全球范围内的共同基金家族如此之少，却推出了如此之多的基金和风格?我们认为，在一个日益细化的风格网格上推出众多基金，会让现有家族挤占产品空间，阻碍市场进入。这一论点的关键是共同基金产品空间的持续低维度，我们通过分析1931年至2015年间在91个国家销售的4万多只股票基金的名称来确定这一事实。随着时间的推移，填补风格网格的策略导致少数家族主导提供大型，颗粒状和类似的基金菜单。(JEL G15, G23, L1)于2021年11月23日收稿;编辑决定，2023年2月9日，编辑Marcin Kacperczyk。作者们提供了一份互联网附录，可以在牛津大学出版社的网站上找到，就在最终发表论文的链接旁边。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Asset Pricing Studies BUSINESS, FINANCE-

CiteScore

19.80

自引率

0.80%

发文量

期刊介绍： The Review of Asset Pricing Studies (RAPS) is a journal that aims to publish high-quality research in asset pricing. It evaluates papers based on their original contribution to the understanding of asset pricing. The topics covered in RAPS include theoretical and empirical models of asset prices and returns, empirical methodology, macro-finance, financial institutions and asset prices, information and liquidity in asset markets, behavioral investment studies, asset market structure and microstructure, risk analysis, hedge funds, mutual funds, alternative investments, and other related topics. Manuscripts submitted to RAPS must be exclusive to the journal and should not have been previously published. Starting in 2020, RAPS will publish three issues per year, owing to an increasing number of high-quality submissions. The journal is indexed in EconLit, Emerging Sources Citation IndexTM, RePEc (Research Papers in Economics), and Scopus.