Arbeitspapier
Mutual fund shareholder letters: Flows, performance, and managerial behavior
Fund companies regularly send shareholder letters to their investors. We use textual analysis to investigate whether these letters' writing style influences fund flows and whether it predicts performance and investment styles. Fund investors react to the tone and content of shareholder letters: A less negative tone leads to higher netflows. Thus, fund companies can use shareholder letters as a tactical instrument to influence flows. However, at the same time, a dishonest communication that is not consistent with the fund's actual performance decreases flows. A positive writing style predicts higher idiosyncratic risk as well as more style bets, while there is no consistent predictive power for future performance.
- Sprache
-
Englisch
- Erschienen in
-
Series: SAFE Working Paper ; No. 380
- Klassifikation
-
Wirtschaft
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Portfolio Choice; Investment Decisions
- Thema
-
Fund Flows
Textual Analysis
Shareholder Letters
Investment Styles
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hillert, Alexander
Niessen-Ruenzi, Alexandra
Ruenzi, Stefan
- Ereignis
-
Veröffentlichung
- (wer)
-
Leibniz Institute for Financial Research SAFE
- (wo)
-
Frankfurt a. M.
- (wann)
-
2023
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hillert, Alexander
- Niessen-Ruenzi, Alexandra
- Ruenzi, Stefan
- Leibniz Institute for Financial Research SAFE
Entstanden
- 2023
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