熱門點閱基金的宣傳與外溢效果

The Publicity and Spillover Effects of ＂Clicked＂ Funds

10.29416/JMS.202201_29(1).0003

傅英芬(Ying-Fen Fu)；劉海清(Hai-Ching Liu)

熱門點閱 ； 宣傳效果 ； 外溢效果 ； 股票型基金 ； Click ； Publicity Effect ； Spillover Effect ； Equity Funds

管理與系統

29卷1期（2022 / 01 / 01）

63 - 83

繁體中文

本文採用panel data regression，並考量基金流量與績效之間非線性的關係，參考Sirri and Tufano（1998）採用piecewise的方法將基金績效分成高、中與低三組，探討被點閱上了人氣排行榜的基金是否能吸引較多的流量，並進而為家族其他基金帶來外溢效果。實證結果顯示被點閱的基金偏向於有較佳的績效，而這因為佳績效而被點閱的基金也因此有較高的流量，對基金產生了淨流入的效果。對於投信而言，即便這些基金沒有為家族其他基金帶來外溢效果，但仍為家族帶來顯著為正的流量，顯然這些受網路關注的基金創造等同於或優於傳統大眾媒體的行銷傳播效益。對於投資人而言，因為這些熱門點閱基金後續一年與兩年均有較高的風險調整過後的績效，因此申購熱門點閱基金為正確的決策。

This study adopts panel data regression to investigate whether the top 100 clicked funds can attract more flows for themselves and other funds in their families. Due to the non-linear relation between fund flow and fund performance, this study follows Sirri and Tufano (1998) to adopt the piecewise method to group performance into high-, medium- and low- performance groups. The empirical results demonstrate that the clicked funds tend to perform better than non-clicked funds. The better performing funds then earn more clicking and consequently attract more flows. Regarding fund companies, the clicked funds attract significantly positive flows for their families even they do not bring spillover effect. Apparently, the benefit of funds from internet may be equal to or larger than that from traditional marketing of media. Regarding investors, they make a proper decision to purchase the clicked funds because the following risk-adjusted returns of these funds are higher in one and two years.

1. Fu, Y. F.,Kang, H. H.,Liu, H. C.(2014).Star funds, Spillover Effect and Fund Advertisements: from the Viewpoint of Individual Funds and Fund Families.NTU Management Review,24(S1),133-174.
   連結：
2. Fu, Y. F.,Kang, H. H.,Liu, H. C.(2014).Star funds, Spillover Effect and Fund Advertisements: from the Viewpoint of Individual Funds and Fund Families.NTU Management Review,24(S1),133-174.
   連結：
3. Liu, H. C.,Fu, Y. F.(2012).Market States and Fund Investors’ Reaction to News Coverage.Journal of Management & Systems,19(1),79-111.
   連結：
4. 王南喻,陳信憲(2006)。開放式股票型基金績效與流量關係之研究－台灣地區境內基金市場實證。企業管理學報，69，73-96。
   連結：
5. 林美珍,陳妙珍,陳有佾(2013)。有限注意與新聞資訊對基金投資人交易決策之影響。財務金融學刊，21(2)，1-29。
   連結：
6. 許書偉,江承霖(2017)。媒體報導、投資者注意力與財務報告申報資訊內涵。會計審計論叢，7(1)，75-103。
   連結：
7. 傅英芬,康信鴻,劉海清(2010)。基金的廣告效果－申購與贖回之觀點。經濟論文，38(3)，459-502。
   連結：
8. 游智賢,曾婉禎(2003)。共同基金之外溢與排擠效果。財務金融學刊，11(2)，99-123。
   連結：
9. Barber, B. M.,Odean, T.,Zhu, N.(2008).Do Retail Trades Move Markets?.The Review of Financial Studies,22(1),151-186.
10. Blanchett, D. M.(2012).Fund Flows, Momentum, and Mutual Fund Performance.The Journal of Investing,21(2),83-91.
11. Brown, D. P.,Wu, Y.(2016).Mutual Fund Flows and Cross‐Fund Learning within Families.Journal of Finance,71(1),383-424.
12. Chevalier, J.,Ellison, G.(1997).Risk Taking by Mutual Funds as a Response to Incentives.Journal of Political Economy,105(6),1167-1200.
13. Cohen, R. B.,Coval, J.,Pastor, L.(2005).Judging Fund Managers by the Company They Keep.Journal of Finance,60(3),1057-1096.
14. Daniel, K.,Hirshleifer, D.,Teoh, S. H.(2002).Investor Psychology in Capital Markets: Evidence and Policy Implications.Journal of Monetary Economics,49(1),139-209.
15. Dukas, R.(2004).Causes and Consequences of Limited Attention.Brain Behavior and Evolution,63,197-210.
16. Elton, E. J.,Gruber, M. J.,Green, T. C.(2007).The Impact of Mutual Fund Family Membership on Investor Risk.Journal of Financial Quantitative Analysis,42(2),257-278.
17. Fama, E. F.,French, K. R.(1993).Common Risk Factors in Returns on Stocks and Bonds.Journal of Financial Economics,33(1),3-56.
18. Fama, E. F.,MacBeth, J. D.(1973).Risk, Return, and Equilibrium: Empirical Tests.Journal of Political Economy,81(3),607-636.
19. Gavazza, A.(2011).Demand Spillover and Market Outcomes in Mutual Fund Industry.RAND Journal of Economics,42(4),776-804.
20. Gerken, W. C., Starks, L., and Yates, M., “The Importance of Family: The Role of Mutual Fund Family Reputation in Investment Decisions,” Mimeo, University of Texas, Austin, 2018.
21. Goetzmann, W.,Peles, N.(1997).Cognitive Dissonance and Mutual Fund Investing.Journal of Financial Research,20,145-158.
22. Green, J.,Hodges, C.(2002).The Dilution Impact of Daily Fund Flows on Open-end Mutual Funds.Journal of Financial Economics,65(1),131-158.
23. Hirshleifer, D.,Teoh, S. H.(2003).Limited Attention, Information Disclosure, and Financial Reporting.Journal of Accounting and Economics,36(1-3),337-386.
24. Hortaçsu, A.,Syverson, C.(2004).Product Differentiation, Search Costs, and Competition in the Mutual Fund Industry: A Case Study of S&P 500 Index Funds.The Quarterly Journal of Economics,119(2),403-456.
25. Hou, K.,Moskowitz, T. J.(2005).Market Frictions, Price Delay, and the Cross-Section of Expected Returns.Review of Financial Studies,18(3),981-1020.
26. Huang, J.,Wei, K. D.,Yan, H.(2007).Participation Costs and the Sensitivity of Fund Flows to Past Performance.The Journal of Finance,62(3),1273-1311.
27. Ippolito, R. A.(1992).Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry.Journal of Law and Economics,35,45-70.
28. Jain, P. C.,Wu, P. C.(2000).Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows.Journal of Finance,55(2),937-958.
29. Kahneman, D.(1973).Attention and Effort.Englewood Cliffs, NJ:Prentice-Hall.
30. Kaniel, R.,Parham, R.(2017).WSJ Category Kings–The Impact of Media Attention on Consumer and Mutual Fund Investment Decisions.Journal of Financial Economics,123(2),337-356.
31. Keswani, A.,David, S.(2008).Which Money is Smart? Mutual Fund Buys and Sells of Individual and Institutional Investors.The Journal of Finance,63(1),85-118.
32. Khorana, A. and Servaes, H., "Conflicts of Interest and Competition in the Mutual Funds Industry," Working paper, London Business School, 2005.
33. Klibanoff, P.,Owen, L.,Thierry, A. W.(1998).Investor Reaction to Salient News in Closed-End Country Funds.Journal of Finance,53(2),673-699.
34. Korkeamaki, T.,Puttonen, V.,Symthe, T.(2007).Advertising and Mutual Fund Asset Flows.International Journal of Bank Marketing,25(7),434-451.
35. Lancaster, K.(1979).Variety, Equity, and Efficiency.New York:Columbia University Press.
36. Li, W.,Tiwari, A.,Tong, L.(2017).Investment Decisions under Ambiguity: Evidence from Mutual Fund Investor Behavior.Management Science,63(8),2397-2771.
37. Massa, M.(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.
38. Merton, R.(1987).A Simple Model of Capital Market Equilibrium with Incomplete Information.Journal of Finance,42(3),483-510.
39. 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.
40. O’Neal, E. S.(2004).Purchase and Redemption Patterns of US Equity Mutual Funds.Financial Management,33(1),63-90.
41. Odean, T.(1999).Do Investors Trade Too Much?.The American Economic Review,89(5),1279-1298.
42. Olsen, R. A.(1998).Behavioral Finance and Its Implications for Stock-price Volatility.Financial Analysts Journal,54(2),10-18.
43. Reuter, J.(2006).Are IPO Allocations for Sale? Evidence from Mutual Funds.Journal of Finance,61(5),2289-2324.
44. Sapp, T.,Tieari, A.(2004).Does Stock Return Momentum Explain the "Smart Money" Effect?.Journal of Finance,59(6),2605-2622.
45. Schmalensee, R.(1978).Entry Deterrence in the Eat Ready-to-Eat Breakfast Cereal Industry.Bell Journal of Economics,9(2),305-327.
46. Shaked, A.,Sutton, J.(1990).Product Differentiation and Industrial Structure.Journal of Industrial Economics,36(2),131-214.
47. Sirri, E. R.,Tufano, P.(1998).Costly Search and Mutual Fund Flows.Journal of Finance,53(5),1589-1622.
48. Verbeek, M.,Huij, J.(2007).Spillover Effects of Marketing in Mutual Fund Families.EFA Meetings,Ljubljana:
49. 郭敏華(2008).行為財務學─當財務學遇上心理學.台北:智勝文化.
50. 陳炳璋(2000)。國立中山大學企業管理學系研究所。
51. 傅英芬,劉海清(2007)。基金流量影響因素之分析－動量法之應用。臺南科大學報，26，135-150。
52. 黃俊堯,柳秉佑(2016)。消費者線上口碑與評論研究：國內外相關文獻回顧與討論。臺大管理論叢，26(3)，215-256。