というNBER論文が上がっているungated(SSRN)版)。原題は「Mutual Fund Revenue Sharing in 401(k) Plans」で、著者はVeronika K. Pool(ヴァンダービルト大)、Clemens Sialm(テキサス大学オースティン校)、Irina Stefanescu(FRB)。

Recordkeepers in DC pension plans are often paid indirectly in the form of revenue sharing from third-party funds on the menu. We show that these arrangements affect the investment menu of 401(k) plans. Revenue-sharing funds are more likely to be added to the menu and are less likely to be deleted. Overall, revenue-sharing plans are more expensive as higher expense ratios are not offset by lower direct fees or by superior performance. Rebates increase with the market power of the recordkeeper suggesting that third-party funds may revenue share to gain access to retirement assets.