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The determinants of mutual fund starts |
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| Authors: | Khorana A; Servaes H |
| Institution: | 0 Georgia Institute of Technology, GA, USA 1 North Carolina at Chapel, Hill, Chapel Hill, NC, USA z Corresponding author address: London Business School, Sussex Place, Regent's Park, London NW1 4SA, UK E-mail: hservaes@lbs.ac.uk |
| Abstract: | For a sample of 1163 mutual funds started over the period 1979-1992,we find that fund initiations are positively related to thelevel of assets invested in and the capital gains embedded inother funds with the same objective, the fund family's priorperformance, the fraction of funds in the family in the lowrange of fees, and the decision by large families to open similarfunds in the prior year. In addition, consistent with the presenceof scale and scope economies in fund openings, we find thatlarge families and families that have more experience in openingfunds in the past are more likely to open new funds. |
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