文章基本信息

标题：Ambiguity towards Multiple Historical Performance Information Signals: Evidence from Indonesian Open-Ended Mutual Fund Investors
本地全文：下载
作者：Haris Pratama Loeis ; Haris Pratama Loeis ; Ruslan Prijadi 等
期刊名称：Indonesian Capital Market Review
印刷版ISSN：1979-8997
电子版ISSN：2356-3818
出版年度：2015
卷号：7
期号：2
页码：92-101
DOI：10.21002/icmr.v7i2.4846
语种：English
出版社：Universitas Indonesia
摘要：This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s historical performance.The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds.Moreover,we observe the presence of ambiguity within investors due to multiple information signals,and their reaction towards it.We apply a Fama-McBeth Regression technique for equity mutual funds,fixed income mutual funds,and balanced mutual funds that are effective during the period of February 2010 until February 2015.Our finding shows that open-ended mutual fund investors do not only have sensitivity towards past performance information signals,but also have additional sensitivity towards the ambiguity of multiple information signals.Because of the presence of ambiguity,investors consider more on negative information signals and the worst information signal in their investment decisions.
关键词：Open-ended mutual fund;multiple information signals;fund flows;information ambiguity