A hull with a blunt bow has to push the water away very quickly to pass through, and this high acceleration requires large amounts of energy.  By using a fine bow, with a sharper angle that pushes the water out of the way more gradually, the amount of energy required to displace the water will be less. A modern variation is the wave-piercing design. The total amount of water to be displaced by a moving hull, and thus causing wave making drag, is the cross sectional area of the hull times distance the hull travels, and will not remain the same when prismatic coefficient is increased for the same lwl and same displacement and same speed.