Internet search, fund flows, and fund performance

Hong Yi Chen*, Hsuan Chi Chen, Christine W. Lai


研究成果: 雜誌貢獻期刊論文同行評審

10 引文 斯高帕斯(Scopus)


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.

期刊Journal of Banking and Finance
出版狀態已發佈 - 2021 8月

ASJC Scopus subject areas

  • 金融
  • 經濟學與計量經濟學


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