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| Title | Internet search, fund flows, and fund performance |
| Creator | 陳鴻毅 Chen, Hong-Yi Chen, Hsuan-Chi Lai, Christine W. |
| Contributor | 財管系 |
| Key Words | Internet search;Fund flows;Fund performance;Google Trends;Search volume index |
| Date | 2021-08 |
| Date Issued | 11-Apr-2022 15:46:02 (UTC+8) |
| Summary | This study uses the Google search volume index as a direct measure of investor attention to explore the connection between attention-grabbing information and fund flows, future performance, and the survivorship of newly issued funds. We find that investors often engage in attention-driven purchases of new funds that have captured their attention online. However, fund investors who conduct internet searches and make attention-driven purchases are less sophisticated and fail to allocate their capital for earning abnormal returns. We also find that attention-induced inflows can help sustain new funds in competitive fund markets via potential mitigation of mergers and liquidations. Our robustness checks show similar results for old funds, but attention-driven fund flows do not enhance the survival of old funds. |
| Relation | Journal of Banking and Finance, Vol.129, pp.106166 |
| Type | article |
| DOI | https://doi.org/10.1016/j.jbankfin.2021.106166 |
| dc.contributor | 財管系 | |
| dc.creator (作者) | 陳鴻毅 | |
| dc.creator (作者) | Chen, Hong-Yi | |
| dc.creator (作者) | Chen, Hsuan-Chi | |
| dc.creator (作者) | Lai, Christine W. | |
| dc.date (日期) | 2021-08 | |
| dc.date.accessioned | 11-Apr-2022 15:46:02 (UTC+8) | - |
| dc.date.available | 11-Apr-2022 15:46:02 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Apr-2022 15:46:02 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/139827 | - |
| dc.description.abstract (摘要) | This study uses the Google search volume index as a direct measure of investor attention to explore the connection between attention-grabbing information and fund flows, future performance, and the survivorship of newly issued funds. We find that investors often engage in attention-driven purchases of new funds that have captured their attention online. However, fund investors who conduct internet searches and make attention-driven purchases are less sophisticated and fail to allocate their capital for earning abnormal returns. We also find that attention-induced inflows can help sustain new funds in competitive fund markets via potential mitigation of mergers and liquidations. Our robustness checks show similar results for old funds, but attention-driven fund flows do not enhance the survival of old funds. | |
| dc.format.extent | 813894 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Journal of Banking and Finance, Vol.129, pp.106166 | |
| dc.subject (關鍵詞) | Internet search;Fund flows;Fund performance;Google Trends;Search volume index | |
| dc.title (題名) | Internet search, fund flows, and fund performance | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.jbankfin.2021.106166 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.jbankfin.2021.106166 |