This paper examines the influence of the position of a fund within its family on its subsequent net-inflows. Our … empirical study of the US equity mutual fund market shows that reaching a top position within the family leads to large inflows … moves into the top positions within its family from one year to another. These results lead to competition within the fund …

trading of affiliated funds. We estimate the trading efficiency of a fund family's trading desk as the difference between the … gross return of the family's index fund, which incorporates trading costs, and the return of the underlying index, which …