Transient emotions, perceptions of well-being, and mutual fund flows*

被引：3

作者：

Bazley, William J. ^{[1
]}

Dayani, Arash ^{[2
]}

Jannati, Sima ^{[3
]}

机构：

[1] Univ Kansas, 3143 Capitol Fed Hall,1654 Naismith Dr, Lawrence, KS 66045 USA

[2] Clemson Univ, Clemson, SC 29631 USA

[3] Univ Missouri, Columbia, MO 65211 USA

来源：

FINANCE RESEARCH LETTERS | 2021年 / 41卷

关键词：

Investor behavior; Portfolio choice; Sentiment; INDIVIDUAL INVESTORS; CROSS-SECTION; STOCK; SENTIMENT; HAPPINESS; VALIDITY; RISK;

D O I：

10.1016/j.frl.2020.101825

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Investors' sentiment is typically proxied by aggregate measures. However, it is composed of distinguishable elements, including impermanent emotions and subjective appraisals of wellbeing. We show that experiencing transient happiness is associated with flows to mutual funds in the following month. When considering funds' investment style, heterogeneous effects arise. Happiness and perceived well-being correspond with flows to growth funds but not value funds. Ultimately, broad measures of sentiment may conceal nuances of investor behavior, which can potentially affect asset prices through investment style preferences.

引用

页数：6

共 39 条

[1] The enduring impact of transient emotions on decision making [J].

Andrade, Eduardo B. ;

Ariely, Dan .

ORGANIZATIONAL BEHAVIOR AND HUMAN DECISION PROCESSES, 2009, 109 (01) :1-8

[2]

Andrew F., 1976, SOCIAL INDICATORS WE

[3] VALIDITY OF MEASURES OF SELF-REPORTED WELL-BEING [J].

ANDREWS, FM ;

CRANDALL, R .

SOCIAL INDICATORS RESEARCH, 1976, 3 (01) :1-19

[4]

[Anonymous], 1965, IS BOOK

[5] What a difference a (birth) month makes: The relative age effect and fund manager performance [J].

Bai, John ;

Ma, Linlin ;

Mullally, Kevin A. ;

Solomon, David H. .

JOURNAL OF FINANCIAL ECONOMICS, 2019, 132 (01) :200-221

[6] Investor sentiment in the stock market [J].

Baker, Malcolm ;

Wurgler, Jeffrey .

JOURNAL OF ECONOMIC PERSPECTIVES, 2007, 21 (02) :129-151

[7] Investor sentiment and the cross-section of stock returns [J].

Baker, Malcolm ;

Wurgler, Jeffrey .

JOURNAL OF FINANCE, 2006, 61 (04) :1645-1680

[8] Style investing [J].

Barberis, N ;

Shleifer, A .

JOURNAL OF FINANCIAL ECONOMICS, 2003, 68 (02) :161-199

[9]

BEKAERT G., 2019, TIME VARIATION RISK

[10] Measuring investor sentiment with mutual fund flows [J].

Ben-Rephael, Azi ;

Kandel, Shmuel ;

Wohl, Avi .

JOURNAL OF FINANCIAL ECONOMICS, 2012, 104 (02) :363-382

← 1 2 3 4 →