Online attention and mutual fund performance: Evidence from Norway

Hamid Cheraghali, Sofia Aarstad Igeh, Kuan-Heng Lin, Peter Molnár and Iddamalgodage Wijerathne

Finance Research Letters, 2022, vol. 49, issue C

Abstract: This paper studies whether flows of funds into and out of equity mutual funds depend on investor attention measured as Google searches for company names and on fund’s performance. We find that mutual funds which performed well in the past receive more attention and more inflows. These results hold no matter which measure of past performance is considered. Interestingly, funds which performed well in previous twelve months are also subject to increased outflows, but this relationship is less robust than relationship for inflows. Lastly, longer-term (one year) performance matters more than shorter-term (one month and six months) performance.

Keywords: Mutual funds; Fund performance; Fund flows; Attention; Google searches (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:49:y:2022:i:c:s1544612322003622

DOI: 10.1016/j.frl.2022.103139

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