Mutual Fund Shareholder Letter Tone - Do Investors Listen?

Hillert, Alexander ; Niessen-Ruenzi, Alexandra ; Ruenzi, Stefan

Document Type: Working paper
Year of publication: 2014
Place of publication: Mannheim
Publication language: English
Institution: Business School > Internat. Finanzierung (Ruenzi)
Außerfakultäre Einrichtungen > Graduate School of Economic and Social Sciences - CDSB (Business Studies)
Subject: 330 Economics
Abstract: Fund companies send shareholder letters to their investors on a semi-annual basis to discuss fund performance and general market conditions. This paper uses textual analysis to investigate the impact of shareholder letters on mutual fund flows. We find that the tone of these letters predicts future fund flows; a more negative tone leads to lower net flows. We do not find any predictive power of shareholder letter tone for future fund performance, but a more negative tone of a letter predicts less subsequent idiosyncratic risk taking.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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