Research on the Phenomenon of Fund-Star Making Based on the View of Network Attention
This paper has selected 293 open-end equity funds in China from 2016 to 2023 to empirically test the impact of fund managers'online attention on the fund family's fund flow.The results show that star fund managers with high network attention can bring more net inflows of funds to their fund families,which means that star fund managers with high network attention have spillover effect.Fund companies with artificial star-making tendency have the characteristics of larger standard deviation of excess return of their funds,larger fund family size,and the bottom 5%of similar funds.And fund companies with weak investment management ability tend to artificially create star fund managers with high network attention.The above research results are helpful to provide references for fund investors to choose appropriate funds,fund companies to create high-quality products,and regulatory authorities to improve relevant regulatory measures.
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万方数据
