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

Oleh:

Jain, Prem C. ; Wu, Joanna Shuang

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 2 (2000), page 937-958.
Topik: mutual funds; mutual funds; advertisements; portfolio performance; studies
Fulltext: p 937.pdf (104.97KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine a sample of 294 mutual funds that are advertised in barron's or money magazine. The pre advertisement 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 post advertisement 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.

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