We document that the speed of information dissemination within mutual fund families positively affects the performance of member funds. This suggests that the resulting benefits of higher information precision far outweigh free-riding costs associated with fast internal dissemination. The performance effect intensifies when information travels across managers from different rather than same styles. This is consistent with fast information diffusion aggregating complementary insights that sharpen information precision, but also with fewer free-riding opportunities among managers from different styles. Managers exploit the resulting higher information precision rationally by trading more, relying less on public information, and investing differently from unaffiliated peers.

中文翻译：

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基金家族中信息传播的速度

我们证明，共同基金家族内部信息传播的速度对成员基金的业绩产生积极影响。这表明，更高的信息精度所带来的好处远远超过了与快速内部传播相关的搭便车成本。当信息以不同的样式而不是相同的样式在经理之间传播时，绩效效应会加剧。这与快速的信息传播相结合，聚集了互补的见解，从而提高了信息的准确性，同时也减少了来自不同风格的经理之间搭便车的机会。管理者通过更多地交易，更少地依赖公共信息以及与无联系的同行进行不同的投资来合理地利用由此产生的更高的信息精度。