Measuring Innovation and Product Differentiation: Evidence from Mutual Funds
Measuring Innovation and Product Differentiation: Evidence from Mutual Funds
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衡量创新和产品差异化：共同基金的证据
DOI：
10.2139/ssrn.2794380
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发表时间：
2016
影响因子：
8
通讯作者：
Jerold B. Warner
中科院分区：
文献类型：
--
作者：
Leonard Kostovetsky;Jerold B. Warner
我们研究了美国共同基金行业金融创新的决定因素，在过去的几十年里，不同的策略或“风格”的数量急剧增加。我们对每只基金的“主要投资策略”部分进行文本分析，以衡量其策略的独特性。我们发现，小型和新家庭的新产品更有可能使用独特的策略，因为他们努力将自己与规模经济的更大竞争对手区分开来（并与之竞争），这些竞争对手可以收取更低的费用。新开的独特基金比传统基金更容易提前清盘，但如果能够存活下来，也会吸引更多的资金流入。单一性还可以减弱流量与业绩的关系，从而降低投资者外流的操作风险，这种外流可能导致资产贱卖。我们的研究为金融分化的原因及其在资产管理公司争夺投资者基金中的作用提供了新的证据。
We study the determinants of financial innovation in the U.S. mutual fund industry, where the number of different strategies or “styles” has grown dramatically over the last several decades. We use textual analysis on each fund’s “principal investment strategies” section of the prospectus to measure its strategic uniqueness. We find that new offerings of small and new families are more likely to use unique strategies as they strive to differentiate themselves from (and compete with) larger competitors who can charge lower fees due to economies of scale. Newly opened unique funds are more likely to liquidate early than traditional funds, but also attract more flows if they are able to survive. Uniqueness also acts to attenuate the flow-performance relation, which reduces the operational risk of investor outflows that could potentially lead to asset fire sales. Our paper provides new evidence on the reasons for financial differentiation and on the role it plays in asset manager competition for investor funds.