{"id":5630,"date":"2025-11-10T15:40:02","date_gmt":"2025-11-10T06:40:02","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=5630"},"modified":"2025-11-10T15:43:29","modified_gmt":"2025-11-10T06:43:29","slug":"2025%e5%b9%b411%e6%9c%8821%e6%97%a5%e9%87%91-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-cannibalization-and-scope-economie","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/5630","title":{"rendered":"2025\u5e7411\u670821\u65e5(\u91d1) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar : Cannibalization and Scope Economies within Fund Families: The Impact of Passive Investing on Fund Fees\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cCannibalization and Scope Economies within Fund Families: The Impact of Passive Investing on Fund Fees\u300d<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2025\u5e7411\u670821\u65e5\uff08\u91d1\uff0917:00\uff5e18:40<\/td>\n<\/tr>\n
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\u8b1b\u6f14\u8005<\/th>\n\u00a0 \u7d0d\u7530\u3000\u6cf0\u6210 \u6c0f
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\u8981\u65e8<\/th>\nThis paper examines how the rise of passive funds, such as index funds and ETFs, affects price competition in the mutual fund industry through structural demand and supply estimation. By modeling mutual fund companies as multi-product producers offering both active and passive funds, the analysis incorporates multi-product pricing and economies of scale and scope. The results indicate that multi-product fund families increase fees due to competition internalization, while economies of scope from managing both types of funds substantially reduce fees. A counterfactual merger analysis evaluates if price increases driven by market power outweigh the cost-efficiency benefits.<\/td>\n<\/tr>\n
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 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cCannibalization and Scope Economies within Fund Families: The Impact of Passive Investing on Fund Fees\u300d \u65e5\u6642 20 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-5630","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=5630"}],"version-history":[{"count":1,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5630\/revisions"}],"predecessor-version":[{"id":5633,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5630\/revisions\/5633"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=5630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=5630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=5630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}