Word-of-Mouth Effects in the Investment of Chinese Mutual Fund Managers
This paper investigates relationship between investment of mutual fund managers from different cities and different fund families in China. The results show that own-city effects are larger than other-city effects. A mutual fund manager is more likely to buy (or sell) a particular stock in each semi-annual if other managers in the same city are buying (or selling) that same stock. This evidence can be interpreted in terms of word of mouth effects. Managers spread information and ideas about stocks to one another directly through word-of-mouth communication, which affects their investment behaviors.
Fund manager investment behavior Fund family Word-of-mouth effect
Xiaomei Li Zhixin Liu
School of Economics and Management Beihang University Beijing, China
国际会议
成都
英文
23-26
2010-06-12（万方平台首次上网日期，不代表论文的发表时间）