Star Funds, Spillover Effect and Fund Advertisements: From the Viewpoint of Individual Funds and Fund Families

明星基金、外溢效果與基金廣告關聯性之探討：個別基金觀點與基金家族觀點

10.6226/NTURM2014.OCT.R11021

傅英芬(Ying-Fen Fu)；康信鴻(Hsin-Hong Kang)；劉海清(Hai-Ching Liu)

基金廣告 ； 明星基金 ； 外溢效果 ； fund advertisements ； star funds ； spillover effect

臺大管理論叢

24卷S1期（2014 / 09 / 01）

133 - 174

英文

本文採用Panel Data Approach與Logistic Regression法，分別站在個別基金與基金家族觀點來探討基金廣告對個別基金及其家族的影響。本文的研究顯示採家族廣告對個別基金與基金家族而言都會是一個不錯的選擇。而單一基金廣告可能造成個別基金間的衝突，因為單一基金廣告佔用了家族的資源，但是只對被廣告的基金有利，卻無法創造出外溢效果。除非被單一廣告的基金是明星基金，才可得到更佳的廣告效果與外溢效果，因此明星基金被單一廣告的機率亦大為提高。此外，無論是在整體市場中或是家族內，只要能位居績效或是流量的明星或贏家地位，該基金被單一廣告的機率都將大幅提高，此點印證了符合家族利益的基金，在家族有限的資源中，將得到家族給予更多資源支持的論點（Chevalier and Ellison, 1997）。

This study adopts the Panel Data Approach and Logistic Regression to examine the effect of fund advertisements from the viewpoint of both individual funds and fund families. Our empirical results show that adopting family advertisements is a good decision both for individual funds and their families. However, there exists a conflict between individual funds when the individual fund advertisement is executed. The individual funds do not respond well to individual fund advertisements of other funds within the same family because it consumes the resources of the family and does not have a spillover effect. One exception is star funds. The individual fund advertisement of star funds not only results in more flows but also has a spillover effect, which thus brings the star funds a higher probability of being individually advertised. As long as the funds are performance (flow) star and winner funds within the whole stock funds or only the performance (flow) star and winner funds within the family, their advertisement probability is raised. This is consistent with the argument that if the funds confirm the benefit of the family, the family may decide to distribute more limited resources to these funds (Chevalier and Ellison, 1997).

1. Löffler, G. 2003. Anatomy of a performance race. Working paper, University of Ulm, Ulm, Germany
2. Khorana, A., and Servaes, H. 2004. Conflicts of interest and competition in the mutual funds industry. Working paper, London Business School, London, UK.
3. Gallaher, S., Kaniel, R., and Starks, L. T. 2008. Advertising and mutual funds: From families to individual funds. Working paper, Southern New Hampshire University, Hooksett, U.S.A.
4. Gallaher, S., Kaniel, R., and Starks, L. T. 2005. Madison avenue meets wall street: Mutual fund families, competition and advertising. Working paper, University of Texas at Austin, Austin, U.S.A.
5. Yankow, J. J., Smythe, T. I., Jones, M. A., and Lesseig, V. P. 2006. The impact of advertising on fund flows in alternative distribution channels. Working paper, Furman University, Greenville, U.S.A.
6. Aaker, D. A.,Keller, K. L.(1990).Consumer evaluations of brand extensions.Journal of Marketing,54(1),27-41.
7. Baker, M.,Stein, J. C.(2004).Market liquidity as a sentiment indicator.Journal of Financial Markets,7(3),271-299.
8. Baker, M.,Wurgler, J.(2006).Investor sentiment and the cross-section of stock returns.The Journal of Finance,61(4),1645-1680.
9. Balachander, S.,Ghose, S.(2003).Reciprocal spillover effects: A strategic benefit of brand extension.Journal of Marketing,67(1),4-13.
10. Barber, B. M.,Odean, T.,Zheng, L.(2005).Out of sight, out of mind: The effects of expenses on mutual fund flows.The Journal of Business,78(6),2095-2119.
11. Barberis, N.,Shleifer, A.,Vishny, R.(1998).A model of investor sentiment.Journal of Financial Economics,49(3),307-343.
12. Capon, N.,Fitzsimons, G. J.,Prince, R. A.(1996).An individual level analysis of the mutual fund investment decision.Journal of Financial Services Research,10(1),59-82.
13. Chang, E. C.,Cheng, J. W.,Khorana, A.(2000).An examination of herding behavior in equity markets: An international perspective.Journal of Banking and Finance,24(10),1651-1679.
14. Chevalier, J.,Ellison, G.(1997).Risk taking by mutual funds as a response to incentives.Journal of Political Economy,105(6),1167-1200.
15. Daniel, K.,Hirshleifer, D.,Subrahmanyam, A.(1998).Investor psychology and security market under- and overreaction.The Journal of Finance,53(6),1839-1885.
16. Devenow, A.,Welch, I.(1996).Rational herding in financial economics.European Economic Review,40(3-5),603-615.
17. Elton, E. J.,Gruber, M. J.,Green, T. C.(2007).The impact of mutual fund family membership on investor risk.Journal of Financial and Quantitative Analysis,42(2),257-277.
18. Fabozzi, F. J.,Francis, J. C.(1979).Mutual fund systematic risk for bull and bear markets: An empirical examination.The Journal of Finance,34(5),1243-1250.
19. Fama, E. F.,French, K. R.(1993).Common risk factors in the returns on stocks and bonds.Journal of Financial Economics,33(1),3-56.
20. Farnsworth, H.,Taylor, J.(2006).Evidence on the compensation of portfolio managers.Journal of Finance Research,29(3),305-324.
21. Gaspar, J. M.,Massa, M.,Matos, P.(2006).Favoritism in mutual fund families? Evidence on strategic cross-fund subsidization.The Journal of Finance,61(1),73-104.
22. Goetzmann, W.,Peles, N.(1997).Cognitive dissonance and mutual fund investing.Journal of Financial Research,20(2),145-158.
23. Guedj, I.,Papastaikoudi, J.(2004).Can mutual fund families affect the performance of their funds?.annual meeting of the European Financial Management Association,Basel:
24. Harless, D. W.,Peterson, S. P.(1998).Investor behavior and the persistence of poorlyperforming mutual funds.Journal of Economic Behavior and Organization,37(3),257-276.
25. Hayes, S. L.(Ed.)(1993).Financial Services: Perspectives and Challenges.Boston, MA:Harvard Business Press.
26. Hong, H.,Stein, J. C.(1999).A unified theory of underreaction, momentum trading, and overreaction in asset markets.The Journal of Finance,54(6),2143-2184.
27. Huij, J.,Verbeek, M.(2007).Spillover effect of marketing in mutual fund families.annual meeting of the European Finance Association,Ljubljana:
28. Ippolito, R. A.(1992).Consumer reaction to measures of poor quality: Evidence from the mutual fund industry.Journal of Law and Economics,35(1),45-70.
29. Jain, P. C.,Wu, J. S.(2000).Truth in mutual fund advertising: Evidence on future performance and fund flows.The Journal of Finance,55(2),937-958.
30. Kempf, A.,Ruenzi, S.(2008).Family matters: Ranking within fund families and fund inflows.Journal of Business Finance and Accounting,35(1-2),177-199.
31. Kempf, A.,Ruenzi, S.(2008).Tournaments in mutual-fund families.Review of Financial Studies,21(2),1013-1036.
32. Kirmani, A.(1997).Advertising repetition as a signal of quality: If it's advertised so much, something must be wrong.Journal of Advertising,26(3),77-86.
33. Kirmani, A.,Wright, P.(1989).Money talks: Perceived advertising expense and expected product quality.Journal of Consumer Research,16(3),344-353.
34. Korkeamaki, T.,Puttonen, V.,Symthe, T.(2007).Advertising and mutual fund asset flows.International Journal of Bank Marketing,25(7),434-451.
35. Marquardt, D.,Snee, R.(1975).Ridge regression in practice.The American Statistician,29(1),3-20.
36. Massa, M.(2003).How do family strategies affect fund performance? When performancemaximization is not the only game in town.Journal of Financial Economics,67(2),249-304.
37. Nanda, V.,Wang, Z. J.,Zheng, L.(2004).Family values and the star phenomenon: Strategies of mutual fund families.The Review of Financial Studies,17(3),667-698.
38. O'Neal, E. S.(2004).Purchase and redemption patterns of US equity mutual funds.Financial Management,33(1),63-90.
39. Patel, J.,Zeckhauser, R.,Hendricks, D.(1991).The rationality struggle: Illustrations from financial markets.American Economic Review,81(2),232-236.
40. Reuter, J.(2005).Are IPO allocations for sale? Evidence from mutual funds.The Journal of Finance,61(5),2289-2324.
41. Shu, P. G.,Yeh, Y. H.,Yamada, T.(2002).The behavior of Taiwan mutual fund investorsperformance and fund flows.Pacific-Basin Finance Journal,10(5),583-600.
42. Sirri, E. R.,Tufano, P.(1998).Costly search and mutual fund flows.The Journal of Finance,53(5),1589-1622.
43. Tellis, G. J.,Chandy, R. K.,Thaivanich, P.(2000).Which ad works, when, where, why and how often? Modeling the effects of direct television advertising.Journal of Marketing Research,37(2),32-46.
44. Wilcox, R. T.(2003).Bargain hunting or star gazing? Investors' preference for stock mutual funds.Journal of Business,76(4),645-664.
45. Woerheide, W.(1982).Investors' response to suggested criteria for the selection of mutual funds.Journal of Financial and Quantitative Analysis,17(1),129-137.

1. 劉海清,傅英芬(2022)。熱門點閱基金的宣傳與外溢效果。管理與系統，29(1)，63-83。
2. 魏裕珍,洪慧玲,洪敬傑(2022)。共同基金的媒體聲譽對其績效表現之影響。證券市場發展季刊，34(3)，115-163。