FinTech Platforms and Mutual Fund Distribution
认领作者 认领管理权限
发布日期:2022年02月17日 上次修订日期:2022年02月18日


This paper studies the economic impact of the emergence of FinTech platforms on financial intermediation. In China, platform distributions of mutual funds emerged in 2012 and grew quickly into a formidable presence. Utilizing the staggered fund entrance onto platforms, we find markedly increased flow sensitivities to performance. Akin to the winner-take-all phenomenon in the platform economy, net flow captured by top 10% performing funds more than triples its pre-platform level. This pattern of platform-induced performance chasing is further confirmed using private data from Howbuy, a top platform in China. Consistent with this added incentive of becoming top performers in the era of large-scale platforms, fund managers increase risk taking to enhance the probability of becoming top performers. Meanwhile, organizational cohesiveness of fund families weakens as platforms level the playing field for all funds.

Claire Yurong Hong ; Xiaomeng Lu ; Jun Pan ; FinTech Platforms and Mutual Fund Distribution (2022年02月17日)

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