We use data from 33 countries to study how a fund’s affiliation with large families shapes the flow–performance relationship internationally. Our results show that the effect of family size on the fund flows’ response to performance depends on the sophistication of investors in a country. While less sophisticated investors are persuaded by the great visibility and strategies of funds that are affiliated with large and established families, more sophisticated investors are not. Affiliation with a large family increases the convexity of the flow–performance relationship in countries where investors are less sophisticated, but decreases this convexity in countries with more sophisticated investors. These results are important for investors, mutual fund companies and regulators because the flow–performance sensitivity determines the assets under management, the level of fees, risk–taking, and the performance of the fund.

我们使用来自 33 个国家/地区的数据来研究基金与大家族的关联如何影响国际上的流量-绩效关系。我们的结果表明，家庭规模对资金流动对业绩的反应的影响取决于一个国家投资者的成熟度。虽然不那么老练的投资者会被隶属于大家族的基金的巨大知名度和策略所说服，但更老练的投资者则不然。在投资者不那么成熟的国家，与大家族的联系增加了流量-绩效关系的凸性，但在投资者更成熟的国家降低了这种凸性。这些结果对投资者很重要，