Research on the Impact of Investor Sentiment on Fund Performance
This paper explores the impact of investor sentiment on fund performance and its impact mechanism,and analyzes the role of investor sentiment on fund performance by constructing an intermediary effect model.The results show that China's open-end funds have"smart money effect",and the funds with large cash flow of funds perform better;Investor sentiment has a signif-icant positive impact on fund performance,and when investor sentiment is positive,it will significantly increase the cash flow of funds into the fund,thus improving the fund performance.Through further analysis,it is found that major events such as the epi-demic will increase the impact of investor sentiment on fund performance and enhance the sensitivity of fund performance to in-vestor sentiment.
Investor sentimentFund inflowFund performanceText information
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