This paper investigates how the tremendous growth in indexed investments has affected active management in the equity mutual fund industry across 32 countries. Our findings indicate that the growing competition from passive funds does not reduce the fees of actively managed funds. Moreover, active funds do not increase their product differentiation by diverging more from their benchmarks when they face more competitive pressure from indexed products, though they do sometimes charge higher fees and reduce their activity. Thus, our tests indicate that indexed and active funds can coexist and attract different clienteles.

中文翻译：

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被动投资对主动基金管理的影响：国际证据

本文研究了指数投资的巨大增长如何影响了32个国家的股票共同基金行业的积极管理。我们的研究结果表明，来自被动基金的竞争日益加剧并没有减少主动管理基金的费用。此外，尽管主动基金有时会收取更高的费用并减少其活动，但当它们面临来自指数产品的更大竞争压力时，它们并不会通过与基准之间的差异更大来提高其产品差异化。因此，我们的测试表明，指数基金和活跃基金可以共存并吸引不同的客户。