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Media hostility and international portfolio allocation: Evidence from global funds

Author

Listed:
  • Li, Xiao
  • Xie, Wenjing
  • Dong, Wenjuan
  • Zhou, Runyi

Abstract

This paper employs data from 1397 global funds invested in 40 countries to examine the influence of media sentiment on the global fund asset allocation. The findings indicate that media hostility negatively predicts funds' global portfolio allocation. Moreover, the negative effect is diminished when there is greater cultural integration between countries, whereas cultural distance between countries can have the opposite effect. In addition, media hostility is less effective in predicting the asset allocation of global funds that are less risk averse, while it is more susceptible for funds that are more discretionary.

Suggested Citation

  • Li, Xiao & Xie, Wenjing & Dong, Wenjuan & Zhou, Runyi, 2025. "Media hostility and international portfolio allocation: Evidence from global funds," Research in International Business and Finance, Elsevier, vol. 75(C).
    • Handle: RePEc:eee:riibaf:v:75:y:2025:i:c:s0275531925000388
    DOI: 10.1016/j.ribaf.2025.102782
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    More about this item

    Keywords

    media hostility; capital allocation; cultural distance; risk preference; mutual funds;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • G0 - Financial Economics - - General
    • G1 - Financial Economics - - General Financial Markets
    • I1 - Health, Education, and Welfare - - Health

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