{"title":"系列投资公司对共同基金属性的影响","authors":"Timothy D. Haight, Chengdong Yin","doi":"10.1016/j.jempfin.2026.101753","DOIUrl":null,"url":null,"abstract":"<div><div>Series investment companies (ICs) are single legal entities that offer multiple segregated investment portfolios, each operating as an individual mutual fund. The series IC structure, which has surpassed the single-fund IC structure in both fund count and assets under management in recent years, significantly affects various fund attributes. As a series IC houses more funds, those funds benefit from greater administrative cost savings, assume less idiosyncratic risk, deliver stronger performance, and attract higher flows. Managers’ strategic behavior at the IC level also affects fund risk-taking and performance.</div></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":"88 ","pages":"Article 101753"},"PeriodicalIF":2.5000,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of series investment companies on mutual fund attributes\",\"authors\":\"Timothy D. Haight, Chengdong Yin\",\"doi\":\"10.1016/j.jempfin.2026.101753\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Series investment companies (ICs) are single legal entities that offer multiple segregated investment portfolios, each operating as an individual mutual fund. The series IC structure, which has surpassed the single-fund IC structure in both fund count and assets under management in recent years, significantly affects various fund attributes. As a series IC houses more funds, those funds benefit from greater administrative cost savings, assume less idiosyncratic risk, deliver stronger performance, and attract higher flows. Managers’ strategic behavior at the IC level also affects fund risk-taking and performance.</div></div>\",\"PeriodicalId\":15704,\"journal\":{\"name\":\"Journal of Empirical Finance\",\"volume\":\"88 \",\"pages\":\"Article 101753\"},\"PeriodicalIF\":2.5000,\"publicationDate\":\"2026-08-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Empirical Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0927539826000678\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2026/7/25 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Empirical Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927539826000678","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2026/7/25 0:00:00","PubModel":"Epub","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The impact of series investment companies on mutual fund attributes
Series investment companies (ICs) are single legal entities that offer multiple segregated investment portfolios, each operating as an individual mutual fund. The series IC structure, which has surpassed the single-fund IC structure in both fund count and assets under management in recent years, significantly affects various fund attributes. As a series IC houses more funds, those funds benefit from greater administrative cost savings, assume less idiosyncratic risk, deliver stronger performance, and attract higher flows. Managers’ strategic behavior at the IC level also affects fund risk-taking and performance.
期刊介绍：
The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.
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