{"title":"不完全投资者搜索:低费用指数基金和基金家族中的基金流动","authors":"Mengqiao Du","doi":"10.2139/ssrn.3905432","DOIUrl":null,"url":null,"abstract":"This paper shows that low-expense index funds draw investor attention to a fund family, and the investors' subsequent incomplete search within funds in the family raises flows of actively managed funds in the same family by 10%. These spillover effects are more salient among retail investors and share classes with a direct distribution channel. At the family level, offering low-expense index funds positively influences aggregated flows. Fund families strategically increase the expense ratios of actively managed funds after introducing low-expense index funds.","PeriodicalId":18891,"journal":{"name":"Mutual Funds","volume":"15 12 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Incomplete Investor Search: Low-expense Index Funds and Fund Flows in a Fund Family\",\"authors\":\"Mengqiao Du\",\"doi\":\"10.2139/ssrn.3905432\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper shows that low-expense index funds draw investor attention to a fund family, and the investors' subsequent incomplete search within funds in the family raises flows of actively managed funds in the same family by 10%. These spillover effects are more salient among retail investors and share classes with a direct distribution channel. At the family level, offering low-expense index funds positively influences aggregated flows. Fund families strategically increase the expense ratios of actively managed funds after introducing low-expense index funds.\",\"PeriodicalId\":18891,\"journal\":{\"name\":\"Mutual Funds\",\"volume\":\"15 12 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-08-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Mutual Funds\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3905432\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Mutual Funds","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3905432","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Incomplete Investor Search: Low-expense Index Funds and Fund Flows in a Fund Family
This paper shows that low-expense index funds draw investor attention to a fund family, and the investors' subsequent incomplete search within funds in the family raises flows of actively managed funds in the same family by 10%. These spillover effects are more salient among retail investors and share classes with a direct distribution channel. At the family level, offering low-expense index funds positively influences aggregated flows. Fund families strategically increase the expense ratios of actively managed funds after introducing low-expense index funds.