FINTECH PLATFORMS AND MUTUAL FUND DISTRIBUTION
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发布日期:2022年06月06日 上次修订日期:2023年04月28日

摘要

We document a novel platform effect caused by the emergence of FinTech platforms in financial intermediation. In China, platform distributions of mutual funds emerged in 2012 and grew quickly into a formidable presence. Utilizing the staggered entrance of funds onto platforms, we find a marked increase of performance-chasing, driven by the centralized information flow unique to FinTech platforms. This pattern is further confirmed using proprietary data from a top platform. Examining the platform impact on fund managers, we find that, incentivized by the amplified performance-chasing, fund managers increase risk taking to enhance their probability of getting onto the top ranking.

Claire Yurong Hong ; Xiaomeng Lu ; Jun Pan ; FINTECH PLATFORMS AND MUTUAL FUND DISTRIBUTION (2022年06月06日)http://www.cfrn.com.cn//lw/zbsc/tzjjlw/8972278ed7084992aa025c34b91cce94.htm

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