The Advertising Spillover Effect: Implication for Mutual Fund Families

廣告之外溢效果：共同基金家族的實証研究

10.6504/JOM.2011.28.04.04

魏安平(An-Pin Wei)；陳妙玲(Miao-Ling Chen)；彭琪祿(Chi-Lu Peng)

廣告之外溢效果 ； 廣告 ； 共同基金家族 ； 績效 ； The Advertising Spillover Effect ； Advertising ； Mutual Fund Families ； Performance

管理學報

28卷4期（2011 / 08 / 01）

361 - 377

英文

過去研究發現公司對其某一商品之廣告的效果會外溢並增加其他存在於市場中之相同品牌的銷售。本研究主要探討廣告的外溢效果是否存在於共同基金市場之中。研究結果顯示：共同基金家族中的某一基金之廣告能增加同家族中績效較佳之基金的現金流量；但對績效中等與績效較差之基金，此一效果則不顯著。對於共同基金家族之廣告而言，研究結果顯示：基金家族的廣告能增加該基金家族的現金流量，而此一廣告的效果在規模較大的基金家族呈現顯著，在規模較小的基金家族則呈現不顯著。

Prior studies have found that a firm's advertising for one of its products can spill over and enhance sales for other existing products with the same brand name. This study examines whether the advertising spillover effect exists in the mutual fund market. The evidence shows that advertised funds in a fund family can significantly increase the cash flows of other higher-performing funds in the same family but not far those funds with middle and lower performance. For the fund family's advertising, results indicate that fund family's advertising can significantly increase the family cash flows for large fund families but not for those small fund families.

1. Gallaher, Steven, Ron Kaniel and Laura Starks, 2006. Madison Avenue Meets Wall Street: Mutual Fund Flows, Competition and Advertising, Working Paper, University of Texas at Austin.
2. Investment Company Institute, 2009. Worldwide Mutual Fund Assets and Flows, http://www.ici.org.
3. Cronqvist, Henrik. 2006. Advertising and Portfolio Choice, Working Paper, Ohio State University
4. Aaker, David A.,Keller, Kevin L.(1990).Consumer Evaluations of Brand Extensions.Journal of Marketing,54(1),27-41.
5. Adegbesan, J.,Adetunji,Higgins, Matthew J.(2010).The Intra-alliance Division of Value Created through Collaboration.Strategic Management Journal,32(2),187-211.
6. Almazan, Andres,Brown, Keith C.,Carlson, Murray,Chapman, David A.(2004).Why Constrain Your Mutual Fund Manager?.Journal of Financial Economics,73(2),289-321.
7. Balachander, Subramanian,Ghose, Sanjoy(2003).Reciprocal Spillover Effects: A Strategic Benefit of Brand Extensions.Journal of Marketing,67(1),4-13.
8. Barber, Brad M.,Odean, Terrance,Zheng, Lu(2005).Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows.Journal of Business,78(6),2095-2110.
9. Bergstresser, Daniel,Poterba, James(2002).Do After-tax Returns Affect Mutual Fund Inflows?.Journal of Financial Economics,63(3),381-414.
10. Blattberg, Robert C.,Briesch, Richard,Fox, Edward J.(1995).How Promotions Work.Marketing Science,14(3),122-132.
11. Brown, Stephen J.,Goetzmann, William,Ibbotson, Roger G.,Ross, Stephen A.(1992).Survivorship Bias in Performance Studies.Review of Financial Studies,5(4),553-580.
12. Carhart, Mark M.(1997).On Persistence in Mutual Fund Performance.Journal of Finance,52(1),57-82.
13. Chevalier, Judith,Ellison, Glenn(1997).Risk Taking by Mutual Funds as a Response to Incentives.Journal of Political Economy,105(6),1167-1200.
14. Crane, Frederick G.(1990).The Need for Corporate Advertising in the Financial Services Industry: A Case Study Illustration.Journal of Services Marketing,4(2),31-37.
15. Elton, Edwin J.,Gruber, Martin J.,Green, Clifton T.(2007).The Impact of Mutual Fund Family Membership on Investor Risk.Journal of Financial and Quantitative Analysis,42(2),257-278.
16. Faff, Robert W.,Parwada, Jerry T.,Poh, Hun Lune(2007).The Information Content of Australian Managed Fund Ratings.Journal of Business Finance and Accounting,34(9-10),1528-1547.
17. Fama, Eugene. F.,French, Kenneth. R.(1993).Common Risk Factors in the Return on Bonds and Stocks.Journal of Financial Economics,33(1),3-53.
18. Goriaev, Alexeim,Theo, Nijman E.,Werker, Bas, J.M.(2008).Performance Information Dissemination in the Mutual Fund Industry.Journal of Financial Markets,11(2),144-159.
19. Grullon, Gustavo,Kanatas, George,Weston, James P.(2004).Advertising, Breadth of Ownership, and Liquidity.Review of Financial Studies,17(2),439-461.
20. Huang, Jennifer,Wei, Kelsey D.,Yan, Hong(2007).Participation Costs and the Sensitivity of Fund Flows to Past Performance.Journal of Finance,62(3),1273-1311.
21. Ivković, Zoran,Weisbenner, Scott(2009).Individual Investor Mutual Fund Flows.Journal of Financial Economics,92(2),223-237.
22. Jain, Prem C.,Wu, Joanna Shuang(2000).Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows.Journal of Finance,55(2),937-958.
23. Kempf, Alexander,Ruenzi, Stefan(2006).Status Quo Bias and the Number of Alternatives: An Empirical Illustration from the Mutual Fund Industry.Journal of Behavioral Finance,7(4),204-213.
24. Kempf, Alexander,Ruenzi, Stefan(2008).Family Matters: Rankings Within Fund Families and Fund Flows.Journal of Business Finance and Accounting,35(1-2),177-199.
25. Korkeamaki, Timo,Puttonen, Vesa,Smythe, Tom(2007).Advertising and Mutual Fund Asset Flows.International Journal of Bank Marketing,25(7),434-451.
26. Macdonald, Emma K.,Sharp, Byron M.(2000).Brand Awareness Effects on Consumer Decision Making for a Common, Repeat Purchase Product: A Replication.Journal of Business Research,48(1),5-15.
27. Massa, Massimo(2003).How do Family Strategies Affect Fund Performance? When Performance Maximization Is Not the Only Game in Town.Journal of Financial Economics,67(2),249-304.
28. McAlister, Leigh,Srinivasan, Raji,Kim, MinChung(2007).Advertising, Research and Development, and Systematic Risk of Firm.Journal of marketing,71(1),35-48.
29. Montgomery, Douglas C.,Peck, Elizabeth A.,Vining, Ceoffrey C.(2001).Introduction to Linear Regression Analysis.New York:John Wiley and Sons, Inc..
30. Nanda, Vikram,Wang, Jay Z.,Zheng, Lu(2004).Family Values and Star Phenomenon: Strategies of Mutual Fund Families.Review of Financial Studies,17(3),667-698.
31. Sapp, Travis,Tiwari, Ashish(2004).Does Stock Return Momentum Explain the "Smart Money" Effect?.Journal of Finance,59(6),2605-2622.
32. Shimizu, Katsuhiko,Hitt, Michael A.(2005).What Constrains or Facilitates Divestitures of Formerly Acquired Firms? The Effects of Organizational Inertia.Journal of Management,31(1),50-72.
33. Shu, Pei Gi,Yeh, Yin Hua,Yamada, Takeshi(2002).The Behavior of Taiwan Mutual Fund Investors: Performance and Fund Flows.Pacific Basin Finance Journal,10(5),583-600.
34. Sirri, Erik R.,Tufano, Peter(1998).Costly Search and Mutual Fund Flows.Journal of Finance,53(5),1589-1622.
35. Strivastava, Rajendra K.,Shervani, Tasadduq A.,Fahey, Liam(1998).Market-based Assets and Shareholder Value: A Framework for Analysis.Journal of Marketing,62(1),2-18.
36. Tellis, Gerard J.,Chandy, Rajesh K.,Thaivanich, Pattana(2000).Which Ad Works, When, Where, and How Often? Modeling the Effects of Direct Television Advertising.Journal of Marketing Research,37(2),32-46.
37. Wood, Leslie(2009).Short-term Effects of Advertising: Some Well-established Empirical Law-like Patterns.Journal of Advertising Research,49(2),186-192.