Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows

Autor:	Prem C. Jain, Joanna Shuang Wu
Rok vydání:	2000
Předmět:	Fund of funds Finance Economics and Econometrics business.industry Closed-end fund Passive management Global assets under management Accounting Open-end fund Economics Income fund Stable value fund business Mutual fund
Zdroj:	The Journal of Finance. 55:937-958
ISSN:	0022-1082
DOI:	10.1111/0022-1082.00232
Popis:	We examine a sample of 294 mutual funds that are advertised in Barron's or Money magazine. The preadvertisement performance of these funds is significantly higher than that of the benchmarks. We test whether the sponsors select funds to signal continued superior performance or they use the past superior performance to attract more money into the funds. Our analysis shows that there is no superior performance in the postadvertisement period. Thus, the results do not support the signaling hypothesis. On the other hand, we find that the advertised funds attract significantly more money in comparison with a group of control funds.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::f716739fe368f2fb91f6c6c9f3ab2b59 https://doi.org/10.1111/0022-1082.00232 Zobrazit plný text záznamu Plný text ve formátu PDF