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[Seminar] 財金系 10/14 (五) 上午 10:30 邀請政治大學的陳鴻毅教授演講
活動起日:2016-10-05 
發佈日期:2016-10-05 
瀏覽數:108  2017-02-12 更新

本系擬於 10/14 (五) 邀請政治大學的陳鴻毅教授至本所進行專題演講,相關訊息如下:

 

時間: 10/14 (五) 10:30-12:00

地點: 管理學院一號館4樓405教室

講者: 陳鴻毅教授

講題: Internet Search, Fund Flows, and Fund Performance

 

Abstract:

We use the Google search volume index as a direct measure of investor attention to investigate how attention-grabbing information is related to the fund flows, survivorship, and future performance of newly issued funds. We obtain evidence of attention-grabbing buying in that investors tend to buy new funds that have recently caught their attention from internet search, and the fund flows induced by online buzz can substitute for fund flows resulting from traditional marketing efforts. New funds with greater investor attention are more likely to avoid mergers or liquidation, suggesting that attention-induced inflows can help sustain them in the competitive fund market. Furthermore, consistent with the overconfidence hypothesis, the increase of internet searches for a specific fund is associated with its lower returns in the future.