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The Determinants of Mutual Fund Starts

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Author Info
Khorana, Ajay
Servaes, Henri

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Abstract

For a sample of 1163 mutual funds started over the period 1979-1992, we find that fund initiations are positively related to the level of assets invested in and the capital gains embedded in other funds with the same objective, the fund family's prior performance, the fraction of funds in the family in the low range of fees, and the decision by large families to open similar funds in the prior year. In addition, consistent with the presence of scale and scope economies in fund openings, we find that large families and families that have more experience in opening funds in the past are more likely to open new funds. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.

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Publisher Info
Article provided by Oxford University Press for Society for Financial Studies in its journal Review of Financial Studies.

Volume (Year): 12 (1999)
Issue (Month): 5 ()
Pages: 1043-74
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Handle: RePEc:oup:rfinst:v:12:y:1999:i:5:p:1043-74

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  1. Anolli, Mario & Del Giudice, Alfonso, 2008. "Italian Open End Mutual Fund Costs," MPRA Paper 8111, University Library of Munich, Germany. [Downloadable!]
  2. Ali Hortacsu & Chad Syverson, 2003. "Product Differentiation, Search Costs, and Competition in the Mutual Fund Industry: A Case Study of the S&P 500 Index Funds," NBER Working Papers 9728, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Alexander Gümbel, 2001. "Emerging Markets and Entry by Actively Managed Funds," OFRC Working Papers Series 2001fe12, Oxford Financial Research Centre. [Downloadable!]
  4. Gyongyi Loranth & Emanuela Sciubba, 2006. "Relative Performance, Risk and Entry in the Mutual Fund Industry," Topics in Economic Analysis & Policy, Berkeley Electronic Press, vol. 6(1), pages 1540-1540. [Downloadable!] (restricted)
    Other versions:
  5. Kaplan, Steve & Schoar, Antoinette, 2004. "Private Equity Performance: Returns, Persistence and Capital Flows," Working papers 4446-03, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
    Other versions:
  6. Jondeau, E. & Rockinger, M., 2004. "The Bank Bias: Segmentation of French Fund Families," Documents de Travail 107, Banque de France. [Downloadable!]
  7. Clemens Sialm & Laura Starks, 2009. "Mutual Fund Tax Clienteles," NBER Working Papers 15327, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Alexander Kempf & Stefan Ruenzi, 2004. "Tournaments in Mutual Fund Families," Finance 0404011, EconWPA. [Downloadable!]
    Other versions:
  9. Woodrow T. Johnson & James M. Poterba, 2008. "Taxes and Mutual Fund Inflows Around Distribution Dates," NBER Working Papers 13884, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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