{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,19]],"date-time":"2026-02-19T08:46:32Z","timestamp":1771490792972,"version":"3.50.1"},"reference-count":38,"publisher":"Cambridge University Press (CUP)","issue":"2","license":[{"start":{"date-parts":[[2022,11,2]],"date-time":"2022-11-02T00:00:00Z","timestamp":1667347200000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["J. Financ. Quant. Anal."],"published-print":{"date-parts":[[2024,3]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>We study how the scarcity of committed capital affects the equilibrium distribution of net alphas in the asset management industry. We propose a model of active portfolio management with different sales fee structures where committed capital is in short supply. In the model, a portfolio\u2019s excess return is not fully appropriated by the money manager but shared with long-term investors. Empirically, we show that capital commitment allows funds to hold shares longer and take advantage of slow-moving arbitrage opportunities. Consistent with the model, funds with more committed capital generate higher value added, which, net of fees, accrues to long-term investors.<\/jats:p>","DOI":"10.1017\/s0022109022001235","type":"journal-article","created":{"date-parts":[[2022,11,1]],"date-time":"2022-11-01T23:45:17Z","timestamp":1667346317000},"page":"727-758","source":"Crossref","is-referenced-by-count":3,"title":["Capital Commitment and Performance: The Role of Mutual Fund Charges"],"prefix":"10.1017","volume":"59","author":[{"given":"Juan-Pedro","family":"G\u00f3mez","sequence":"first","affiliation":[]},{"given":"Melissa Porras","family":"Prado","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1394-5375","authenticated-orcid":false,"given":"Rafael","family":"Zambrana","sequence":"additional","affiliation":[]}],"member":"56","published-online":{"date-parts":[[2022,11,2]]},"reference":[{"key":"S0022109022001235_r3","doi-asserted-by":"publisher","DOI":"10.1086\/424739"},{"key":"S0022109022001235_r6","doi-asserted-by":"publisher","DOI":"10.1111\/j.1745-6622.2004.tb00671.x"},{"key":"S0022109022001235_r32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfi.2008.12.003"},{"key":"S0022109022001235_r38","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(86)90065-6"},{"key":"S0022109022001235_r8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2020.05.005"},{"key":"S0022109022001235_r17","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1994.tb00080.x"},{"key":"S0022109022001235_r15","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12048"},{"key":"S0022109022001235_r5","doi-asserted-by":"publisher","DOI":"10.1111\/jacf.12033"},{"key":"S0022109022001235_r34","first-page":"148","article-title":"Equilibrium Short Horizons of Investors and Firms","volume":"80","author":"Shleifer","year":"1990","journal-title":"American Economic Review Papers and Proceedings"},{"key":"S0022109022001235_r37","article-title":"A Horizon Based Decomposition of Mutual Fund Value Added Using Transactions","author":"Van Binsbergen","year":"2023","journal-title":"Journal of Finance"},{"key":"S0022109022001235_r18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00644.x"},{"key":"S0022109022001235_r27","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhab022"},{"key":"S0022109022001235_r9","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00411"},{"key":"S0022109022001235_r13","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhs183"},{"key":"S0022109022001235_r20","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2010.01579.x"},{"key":"S0022109022001235_r25","doi-asserted-by":"publisher","DOI":"10.2307\/2534602"},{"key":"S0022109022001235_r30","doi-asserted-by":"crossref","first-page":"383","DOI":"10.1016\/j.jfineco.2011.08.006","article-title":"Complicated Firms","volume":"104","author":"Lauren","year":"2012","journal-title":"Journal of Financial Economics"},{"key":"S0022109022001235_r29","unstructured":"Lan, C. ; Moneta, F. ; and Wermers, R. . \u201cMutual Fund Investment Horizon and Performance.\u201d CFR Working Papers 15-06, Centre for Financial Research (CFR), University of Cologne (2019)."},{"key":"S0022109022001235_r10","unstructured":"Chatterjee, S. , and Thyagaraju, A. . \u201cBuy, Sell, Repeat! No Room for \u2018Hold\u2019 in Whipsawing Markets.\u201d Reuters Business News (2020)."},{"key":"S0022109022001235_r12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2012.01798.x"},{"key":"S0022109022001235_r23","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhx057"},{"key":"S0022109022001235_r22","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(93)90023-5"},{"key":"S0022109022001235_r33","doi-asserted-by":"publisher","DOI":"10.1111\/j.1745-6622.1992.tb00485.x"},{"key":"S0022109022001235_r36","unstructured":"Van Binsbergen, J. H. ; Han, J. ; Ruan, H. ; and Xing, R. . \u201cMutual Fund Managers\u2019 Career Concerns, Investment Horizons, and Value Added: Theory and Empirics.\u201d Working Paper, available at https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3920863 (2021)."},{"key":"S0022109022001235_r1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhx125"},{"key":"S0022109022001235_r28","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00689.x"},{"key":"S0022109022001235_r26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2012.09.011"},{"key":"S0022109022001235_r4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2015.05.002"},{"key":"S0022109022001235_r31","doi-asserted-by":"publisher","DOI":"10.1016\/0165-4101(95)00410-6"},{"key":"S0022109022001235_r35","first-page":"247","article-title":"Why Are Most Funds Open-End? Competition and the Limits of Arbitrage","volume":"120","author":"Stein","year":"2005","journal-title":"Quarterly Journal of Economics"},{"key":"S0022109022001235_r7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb03808.x"},{"key":"S0022109022001235_r24","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00525"},{"key":"S0022109022001235_r16","doi-asserted-by":"publisher","DOI":"10.3386\/w16312"},{"key":"S0022109022001235_r21","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhs105"},{"key":"S0022109022001235_r14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2016.08.003"},{"key":"S0022109022001235_r2","doi-asserted-by":"publisher","DOI":"10.1016\/S1386-4181(01)00024-6"},{"key":"S0022109022001235_r19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2012.01768.x"},{"key":"S0022109022001235_r11","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(95)00856-A"}],"container-title":["Journal of Financial and Quantitative Analysis"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.cambridge.org\/core\/services\/aop-cambridge-core\/content\/view\/S0022109022001235","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,3,27]],"date-time":"2024-03-27T08:56:02Z","timestamp":1711529762000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.cambridge.org\/core\/product\/identifier\/S0022109022001235\/type\/journal_article"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,11,2]]},"references-count":38,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2024,3]]}},"alternative-id":["S0022109022001235"],"URL":"https:\/\/doi.org\/10.1017\/s0022109022001235","relation":{},"ISSN":["0022-1090","1756-6916"],"issn-type":[{"value":"0022-1090","type":"print"},{"value":"1756-6916","type":"electronic"}],"subject":[],"published":{"date-parts":[[2022,11,2]]}}}