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Essays on Mutual Fund Investor Attention.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Mutual Fund Investor Attention.
作者:	Wymbs, Michael John.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, 2021
面頁冊數:	79 p.
附註:	Source: Dissertations Abstracts International, Volume: 82-11, Section: A.
附註:	Advisor: Aragon, George.
Contained By:	Dissertations Abstracts International82-11A.
標題:	Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28491362
ISBN:	9798738623714

Essays on Mutual Fund Investor Attention.
Wymbs, Michael John.

Essays on Mutual Fund Investor Attention. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 79 p.

Source: Dissertations Abstracts International, Volume: 82-11, Section: A.

Thesis (Ph.D.)--Arizona State University, 2021.

This item must not be sold to any third party vendors.

I propose new measures of investor attention for Mutual Funds. Using the Security and Exchange Commissions’ Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system’s server log files, this study is the first to explore investor attention to specific mutual funds. I find that changes, or spikes, in mutual fund investor attention are associated with funds’ introduction of a new share class, decreases in expense ratio, past performance and volatility. On average, spikes to investor attention predict net inflows into mutual funds which outpace the overall growth of the mutual fund sector. Attention via this EDGAR channel is more important when investors are researching more opaque funds. Moreover, there is a positive relationship between mutual fund investor attention and fund returns. Yet, there is evidence that investors appear to be responding to the acquisition of stale information with flows. I additionally utilize Google Trends data for individual fund tickers and investigate its effects in Mutual Fund Market. I find that Investor Attention to individual mutual funds is concentrated within Equity funds, Index funds, and Institutional funds. Individual fund attention is strongly negatively associated with expense ratios, 12B-1 Fees, and 'broker sold' funds, suggesting that funds with higher fees get less attention than low cost index funds. I find limited support for the controversial convexity in the flow to performance sensitivity in the Mutual Fund market, but only in funds with high levels of individual attention.

ISBN: 9798738623714Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

EDGAR

Essays on Mutual Fund Investor Attention.
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520 $a I propose new measures of investor attention for Mutual Funds. Using the Security and Exchange Commissions’ Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system’s server log files, this study is the first to explore investor attention to specific mutual funds. I find that changes, or spikes, in mutual fund investor attention are associated with funds’ introduction of a new share class, decreases in expense ratio, past performance and volatility. On average, spikes to investor attention predict net inflows into mutual funds which outpace the overall growth of the mutual fund sector. Attention via this EDGAR channel is more important when investors are researching more opaque funds. Moreover, there is a positive relationship between mutual fund investor attention and fund returns. Yet, there is evidence that investors appear to be responding to the acquisition of stale information with flows. I additionally utilize Google Trends data for individual fund tickers and investigate its effects in Mutual Fund Market. I find that Investor Attention to individual mutual funds is concentrated within Equity funds, Index funds, and Institutional funds. Individual fund attention is strongly negatively associated with expense ratios, 12B-1 Fees, and 'broker sold' funds, suggesting that funds with higher fees get less attention than low cost index funds. I find limited support for the controversial convexity in the flow to performance sensitivity in the Mutual Fund market, but only in funds with high levels of individual attention.
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