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Investor Attention, Fee Structure, and Newly Issued Funds

Author

Listed:
  • Hong-Yi Chen

    (Department of Finance, National Chengchi University, Taiwan)

  • Hsuan-Chi Chen

    (Anderson School of Management, The University of New Mexico, USA)

  • Christine W. Lai

    (Research Center for Artificial Intelligence in Investment and Asset Management, Department of Business Administration, National Taiwan Normal University, Taiwan)

  • Pei-Ling Yang

    (Department of Business Administration, National Taiwan Normal University, Taiwan)

Abstract

This study examines the impact of investor attention on the fund inflows and survival of newly issued equity and bond funds. We employ the residual search volume index (RSVI) from Google Trends to directly measure investor attention to a mutual fund. We find that the RSVI is positively related to fund inflows for both new equity and bond funds. However, the RSVI is only positively related to the probability of survival for new equity funds, not for new bond funds. These results suggest that in addition to traditional channels such as advertising and sales forces, the Internet can serve as an alternative and effective tool for marketing and product distribution in the mutual fund industry.

Suggested Citation

  • Hong-Yi Chen & Hsuan-Chi Chen & Christine W. Lai & Pei-Ling Yang, 2023. "Investor Attention, Fee Structure, and Newly Issued Funds," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 26(02), pages 1-23, June.
    • Handle: RePEc:wsi:rpbfmp:v:26:y:2023:i:02:n:s021909152350011x
    DOI: 10.1142/S021909152350011X
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    More about this item

    Keywords

    Mutual funds; fee structure; survival; investor attention;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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