GASPAR, JOSÉ-MIGUEL; MASSA, MASSIMO; MATOS, PEDRO - In: Journal of Finance 61 (2006) 1, pp. 73-104
We investigate whether mutual fund families strategically transfer performance across member funds to favor those more likely to increase overall family profits. We find that "high family value" funds (i.e., high fees or high past performers) overperform at the expense of "low value" funds. Such...