Mutual Fund Revenue Sharing in 401(k) Plans

The authors thank Niki Boyson, Mark Egan, Van Harlow, James McLoughin, Olivia Mitchell, Mattias Nilson, Jonathan Reuter, David Stevens, Laura Starks, Roberta Ufford, Steve Utkus, Sumudu Watugala, Irene Yi, and conference participants at the 2020 Financial Management Association, the 2021 Financial Intermediation Research Society, the 2021 Miami Behavioral Finance Conference, the 2021 Northern Finance Association, the 2021 Western Finance Association meetings, and the 2023 University of North Carolina at Chapel Hill Alumni Conference, and seminar participants at Brandeis University, Clemson University, Colorado State University, Emory University, the Federal Reserve Board, FIRN, George Mason University, Lehigh University, the Michigan State - UIC Virtual Seminar Series, Nanyang Technological University Singapore, the Shanghai Advanced Institute of Finance, Temple University, the University of California Los Angeles, the University of Nebraska, the University of Notre Dame, the University of Tennessee, the University of Texas at Austin, Vanderbilt University, the University of Western Ontario, and York University for helpful comments. Clemens Sialm has been a consultant with AQR Capital Management and with The Jeffrey Company. The views expressed in this paper are those of the authors and do not reflect the views of the Board of Governors of the Federal Reserve System, the Boettner Center, or TIAA.