The Impact of Advertising on Fund Flows in Alternative Distribution Channels

Jeffrey Yankow, Thomas I. Smythe, Vance P. Lesseig and Michael A. Jones

International Journal of Financial Research, 2011, vol. 2, issue 1, 2-22

Abstract: Existing literature demonstrates a positive relationship between advertising and subsequent mutual fund flows. While this relationship is hardly unexpected, it has only been addressed in a limited fashion. This work seeks to explore the issue in greater depth by examining both fixed income and equity funds, by separating load and no-load funds, and by using a richer empirical model. Our findings support the accepted relationship in general, but indicate that the response by investors differs between fund types (equity vs. fixed income) and the direct (no-load) and broker-sold (load) markets. Finally, we provide evidence that earlier findings are contingent upon the sample of funds selected as well as the empirical specification.

Keywords: Mutual funds; Asset flows; Fund advertising (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:jfr:ijfr11:v:2:y:2011:i:1:p:2-22

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