The Impact of Limited Attention and News on the Investment Decisions of Mutual Fund Investors

有限注意與新聞資訊對基金投資人交易決策之影響

林美珍(Mei-Chen Lin) ； 陳妙珍(Miaw-Jane Chen) ； 陳有佾(You-Yi Chen)

《財務金融學刊》 21卷2期 (2013/06) Pp. 1-29

https://doi.org/10.6545/JFS.2013.21(2).1

摘要

本研究探討投資人注意力與投資決策之關係，研究結果發現投資人注意力會影響其決策行為，且於購買決策中更為明顯；各種新聞訊息對投資人決策亦不同，好消息使投資人申購與贖回意願增加，壞消息則使申購與贖回意願減少，績效類與規模類之訊息也有相同影響力。本文亦發現有新聞基金之後續績效表現與無新聞之基金並無明顯差異。

關鍵字

有限注意 ； 新聞資訊 ； 決策行為

並列摘要

This paper studies the relationship between the attention of investors and investment decision-making by investigating the effects of media coverage on mutual funds. It is found that investors' attention will affect their decision-making; especially in purchase decisions. Various kinds of news have different effects on decision-making: Good news leads investors to raise their inclination to purchase and redeem funds, while bad news does the contrary, ceteris paribus. In addition, performance-related information and size of funds also increase investors' tendency to purchase and redeem funds. Finally, with-or without-news funds show no significant differences in their subsequent performances.

並列關鍵字

Limited attention ； news ； decision behavior

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