所属栏目:资本市场/投资基金

摘要

We study the influence of investor attention on mutual fund investors' fund selection and fund managers' portfolio choice. Using the Google Search Volume Index to measure investor attention on individual stocks, we find fund investors tend to direct more capital to mutual funds holding more high-attention stocks; fund managers tend to perform window-dressing trading to increase the portfolio holdings of high-attention stocks displayed to investors. Our results suggest that funds, particularly those with strong incentives, strategically trade on stock attention to attract investor flows. This strategic trading behaviour is also associated with fund underperformance and leads to larger non-fundamental volatility of holding stocks.
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Minghai Xu; Hong Xiang; Jiaxing Tian Attracting Investor Flows through Attracting Attention (2025年07月08日) https://www.cfrn.com.cn/lw/16297

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