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Does Media Coverage of Stocks Affect Mutual Funds? Trading and Performance?

We study the relation between mutual fund trades and mass media coverage of stocks. We find that funds exhibit persistent differences in their propensity to buy media-covered stocks. Moreover, this propensity is negatively related to their future performance. Funds in the highest propensity decile underperform funds in the lowest propensity decile by 1.1% to 2.8% per year. These results do not extend to fund sells, likely because of funds? inability to sell short. Overall, the findings suggest that professional investors are subject to limited attention..Printed Journal

Ketersediaan

Call NumberLocationAvailable
RFS2712PSB lt.dasar - Pascasarjana1
Penerbit Oxford Oxford University Press.,
Edisi -
Subjek Stock
Performance
Mutual fund
Investor behavior
Media coverage
limited attention
ISBN/ISSN 8939454
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
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