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Can I read Salience theory and mutual fund flows: Empirical evidence from China on EtoBox?
Salience theory and mutual fund flows: Empirical evidence from China by Shiyang Hu; Cheng Xiang; Xiaofeng Quan is a Economics, Econometrics and Finance article available to read on EtoBox.
What is Salience theory and mutual fund flows: Empirical evidence from China about?
Using a sample of Chinese mutual funds during 2004–2020, we provide empirical evidence on the salience theory, which argues that individuals' decision weights on risky asset choices are distorted in favor of salient payoffs. Specifically, we document robust and casual impacts of funds' salience theory values on their future flows. The impacts are not explained by investors' attention-driven purchases, funds' lottery-like features, or the characteristics of funds' underlying stocks. Further tests show that the impacts are larger for funds with more shares held by individual investors and are more pronounced when investor sentiment is higher.
Who reads Salience theory and mutual fund flows: Empirical evidence from China?
It is typically read by researchers, students, and practitioners in Economics, Econometrics and Finance.
- Author
- Shiyang Hu; Cheng Xiang; Xiaofeng Quan
- Publisher
- Elsevier BV
- Published
- 2023
- Language
- EN
- Field
- Economics, Econometrics and Finance (Social Sciences)