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題名:The Impact of Limited Attention and News on the Investment Decisions of Mutual Fund Investors
書刊名:財務金融學刊
作者:林美珍 引用關係陳妙珍 引用關係陳有佾
作者(外文):Lin, Mei-chenChen, Miaw-janeChen, You-yi
出版日期:2013
卷期:21:2
頁次:頁1-29
主題關鍵詞:有限注意新聞資訊決策行為Limited attentionNewsDecision behavior
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(5) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:5
  • 共同引用共同引用:0
  • 點閱點閱:83
本研究探討投資人注意力與投資決策之關係,研究結果發現投資人注意力會影響其決策行為,且於購買決策中更為明顯;各種新聞訊息對投資人決策亦不同,好消息使投資人申購與贖回意願增加,壞消息則使申購與贖回意願減少,績效類與規模類之訊息也有相同影響力。本文亦發現有新聞基金之後續績效表現與無新聞之基金並無明顯差異。
This paper studies the relationship between the attention of investors and investment decision-making by investigating the effects of media coverage on mutual funds. It is found that investors’ attention will affect their decision-making; especially in purchase decisions. Various kinds of news have different effects on decision-making: Good news leads investors to raise their inclination to purchase and redeem funds, while bad news does the contrary, ceteris paribus. In addition, performance-related information and size of funds also increase investors’ tendency to purchase and redeem funds. Finally, with- or without- news funds show no significant differences in their subsequent performances.
期刊論文
1.Aboody, David、Reuven Lehavy、Brett Trueman(2010)。Limited attention and the earnings announcement returns of past stock market winners。Review of Accounting Studies,15(2),317-344。  new window
2.Albert, Robert J.、Timothy R. Smaby(1996)。Market response to analyst recommendations in the ‘dartboard’ column: The information and pricepressure effects。Review of Financial Economics,5,59-74。  new window
3.Barber, Brad M.、Terrance Odean、Lu Zheng(2005)。Out of sight, out of mind: The effects of expenses on mutual fund flows。Journal of Business,78,2095-2119。  new window
4.Cao, Charles、Eric C. Chang、Ying Wang(2008)。An empirical analysis of the dynamic relationship between mutual fund flow and market return volatility。Journal of Banking and Finance,32,2111-2123。  new window
5.Del Guercio, Diane、Paula A. Tkac(2002)。The determinants of the flow of funds of managed portfolios: Mutual funds versus pension funds。Journal of Financial and Quantitative Analysis,37,523-557。  new window
6.DellaVigna, Stefano、Joshua M. Pollet(2007)。Demographics and industry returns。The American Economic Review,97,1667-1702。  new window
7.Dukas, Reuven(2004)。Causes and consequences of limited attention。Brain, Behavior and Evolution,63,197-210。  new window
8.Hirshleifer, David、Siew Hong Teoh(2003)。Limited attention, financial reporting and disclosure。Journal of Accounting and Economics,36,337-386。  new window
9.Hou, Kewei、Moskowitz, Tobias J.(2005)。Market frictions, price delay, and the cross-section of expected returns。Review of Financial Studies,18(3),981-1020。  new window
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11.O'Neal, Edward S.(2004)。Purchase and Redemption Patterns of US Equity Mutual Funds。Financial Management,33(1),63-90。  new window
12.Reuter, Jonathan、Zitzewitz, Eric(2006)。Do ads influence editors? Advertising and bias in the financial media。The Quarterly Journal of Economics,121(1),197-227。  new window
13.Huhmann, Bruce A.、Bhattacharya, Nalinaksha(2005)。Does mutual fund advertising provide necessary investment information。International Journal of Bank Marketing,23(4),296-313。  new window
14.Edelen, Roger M.(1999)。Investor flows and the assessed performance of open-end mutual funds。Journal of Financial Economics,53,439-466。  new window
15.Huberman, Gur、Regev, T.(2001)。Contagious speculation and a cure for cancer: A nonevent that made stock prices soar。Journal of Finance,56(1),387-396。  new window
16.Berk, Jonathan B.、Green, Richard C.(2004)。Mutual fund flows and performance in rational markets。Journal of Political Economy,112(6),1269-1295。  new window
17.Nofsinger, John R.(2001)。The Impact of Public Information on Investors。Journal of Banking and Finance,25(7),1339-1366。  new window
18.Huth, W. L.、Maris, B. A.(1992)。Large and small firm stock price response to 'heard on the street' recommendations。Journal of Accounting, Auditing and Finance,7(1),27-44。  new window
19.Tversky, A.、Kahnema, D.(1974)。Judgment under Uncertainty: Heuristic and Biases。Science,185(4157),1124-1131。  new window
20.Shu, P. G.、Yeh, Y. H.、Yamada, T.(2002)。The Behavior of Taiwan Mutual Fund Investors-Performance and Fund Flows。Pacific-Basin Finance Journal,10(5),583-600。  new window
21.Sirri, E. R.、Tufano, P.(1998)。Costly Search and Mutual Fund Flows。Journal of Finance,53(5),1589-1622。  new window
22.Chevalier, Judith、Ellison, Glenn(1997)。Risk Taking by Mutual Funds as a Response To Incentives。Journal of Political Economy,105(6),1167-1200。  new window
23.Woerheide, W.(1982)。Investor Response to Suggested Criteria for the Selection of Mutual Funds。Journal of Financial and Quantitative Analysis,17(1),129-137。  new window
24.Thaler, Richard H.(1980)。Toward a positive theory of consumer choice。Journal of Economic behavior and Organization,1(1),39-60。  new window
25.Barberis, Nicholas、Shleifer, Andrei、Vishny, Robert W.(1998)。A model of investor sentiment。Journal of Financial Economics,49(3),307-343。  new window
26.Tetlock, Paul C.(2007)。Giving content to investor sentiment: The role of media in the stock market。The Journal of Finance,62(3),1139-1168。  new window
27.Carhart, Mark M.(1997)。On persistence in mutual fund performance。The Journal of Finance,52(1),57-82。  new window
28.Fama, Eugene F.、French, Kenneth R.(1993)。Common risk factors in the returns on stocks and bonds。Journal of Financial Economics,33(1),3-56。  new window
29.Merton, Robert C.(1987)。A simple model of capital market equilibrium with incomplete information。The Journal of Finance,42(3),483-510。  new window
30.Jensen, Michael C.(1968)。The performance of mutual funds in the period 1945-1964。Journal of Finance,23(2),389-416。  new window
31.Lloyd-Davies, Peter、Canes, Michael(1978)。Stock Prices and the Publication of Second-Hand Information。Journal of Business,51(1),43-57。  new window
32.Barber, Brad M.、Odean, Terrance(2008)。All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors。Review of Financial Studies,21(2),785-818。  new window
研究報告
1.Huang, Jennifer、Kelsey D. Wei、Hong Yan(2004)。Volatility of performance and mutual fund flows。University of Texas at Austin and Binghamton University。  new window
2.Kaniel, Ron、Laura T. Starks、Vasudha Vasudevan(2004)。Headlines and bottom lines: Media coverage and mutual funds。Duke University。  new window
圖書
1.James, William(1980)。The Principles of Psychology。New York:Dover Publications。  new window
2.Kahneman, Daniel(1973)。Attention and effort。Englewood Cliffs, New Jersey:Prentice Hall。  new window
 
 
 
 
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