The Impact Of Fund Family Internal Information Sharing On Fund Performance And Flow

Several funds belong to one company,so there is a family effect between funds within the family.On the one hand,family have same fund manager which may influence each other and share information within family.Family funds’ investment style,the ability to accept the market information and measures taken when facing risks have a certain degree of similarity,which are called common learning effect.On the other hand,due to similar organizational structure,fund performances are more susceptible to be effected by the unsystematic impact outside the family,which is called common noise effect.This article studies the impact factors and the influence to fund flows of these two effects.Firstly,establish the proxy variable of the fund family effects,build panel data model to discuss the influence factors of common learning effect and common noise effect.Secondly,analyze family effect’s influence to fund flow.In addition,this article inspects the macroeconomic information’s influence on fund common learning effect of different market environment(a bull market and bear market)and the different fund families.The study finds that:1.Fund performance,family performance,fund age can explain the change of the family effect well,but the influence degree of different indicators is difference.2.Common learning effect have a negative effect on fund flow,while common noise effect have a positive effect on fund flow.The effect of the first phase of common learning on fund performance is significantly positive.3.The macroeconomic indicators such as GDP,industrial added value,macroeconomic climate index have a significant impact on fund learning,but the degree of the influence of different indicators on common learning are different.4.In different market environment,the macroeconomic information have different influences on the different family fund.It meas that,compared to the bull market,the impact of macroeconomic information on funds common learning are more significant in bear market.The impact of macroeconomic information on the fund market family common learning is associated with different families,and is related to the economic environment.