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研究生： 楊佩陵
Pei-Ling Yang
論文名稱： 投資人關注程度與基金費用結構對新發行共同基金存活之影響：以Google Trends來看
Investor Attention, Fee Structure, and the Survival of Newly Issued Mutual Funds: Evidence from Google Trends
指導教授： 賴慧文
Lai, Whuei-Wen
學位類別： 碩士
Master
系所名稱： 管理研究所
Graduate Institute of Management
論文出版年： 2013
畢業學年度： 101
語文別： 英文
論文頁數： 39
中文關鍵詞： 共同基金 、費用結構 、存活 、投資人關注程度
英文關鍵詞： Mutual Funds, Fee Structure, Survival, Investor Attention
論文種類： 學術論文
相關次數： 點閱：287  下載：12 
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    • 共同基金公司為了從各類型投資人獲取報酬，時常創造新的基金，並且讓其他基金購併，或者結束無法吸引足夠現金流量的共同基金。雖然新基金的創造在共同基金產業的成長中扮演重要角色，但是很少有人關注造成新發行共同基金存活的決定因素為何。因此，本研究檢視投資人對於共同基金的關注程度，以及基金的費用結構是否可以提升新發行共同基金的現金流量與存活率。根據源自於 CRSP Survivor-Bias-Free US Mutual Fund Database，期間為2004年到2012年的新發行基金樣本資料，我們從Google Trends手動蒐集每檔新發行基金的搜尋量指數 [Search Volume Index (SVI)] 作為投資人關注程度的代理變數。我們比較不同行銷工具對於新發行基金現金流量的影響，其中包含基金廣告、人力銷售、基金過去績效，以及SVI。本研究證實，廣告與人力銷售不再是新發行基金提升知名度與現金流量唯一有效的管道；SVI對於新發行共同基金的現金流入量與存活機率有顯著正向影響。這些結果顯示，網路搜尋量的增加對於基金公司在發行新基金有重要影響，因此，網路投資人的關注程度可能對於共同基金產業的行銷與產品推廣上提供一個新的觀點。

    Mutual fund sponsors usually create new funds to exploit investors’ heterogeneity, and merge or liquidate funds that do not attract sufficient investor inflows. Although the creation of new funds plays a key role in the growth of mutual fund industry, little attention has been devoted to the determinants of the survival of newly issued mutual funds. This study bridges this gap by examining whenever investor attention can increase the survival probability of newly issued funds and cash inflows to the funds. Based on all newly issued funds from the CRSP Survivor-Bias-Free US Mutual Fund Database during the period 2004 to 2012, we manually-collected Search Volume Index (SVI) of each new fund from the Google Trends to proxy for investor attention. We then compare the effects of different marketing vehicles on cash inflows of newly issued funds, where various marketing vehicles include fund advertisement, sales force, fund past performance, and SVI. We document that advertisement and sale force are no longer the only effective channels through which new funds can increase publicity as well as fund cash inflows. We find that SVI is statistically positive related to the cash inflows and the survival probability of newly issued funds. The results suggest that increasing search volume in internet is important when fund companies launch a new fund and hence investor interaction with the Internet may offer a new perspective on the marketing and product distribution in mutual fund industry.

    摘 要 II Abstract III 謝 辭 IV List of Figure VI List of Tables VI CHAPTER 1- INTRODUCTION 1 1.1 Research Background 1 1.2 Objectives 2 CHAPTER 2- LITERATURE REVIEW AND HYPOTHESIS 4 2.1 Investor Attention and Search Volume Index 4 2.2 Fee Structure 6 2.2.1 Fund Expenses 6 2.2.2 Distribution and Marketing Fees 7 2.2.3 Multiple Class Shares 8 CHAPTER 3- METHODOLOGY 9 3.1 Data and Sample 9 3.2 Model 11 CHAPTER 4- RESULTS AND CONCLUSION 14 4.1 Results 14 4.1.1 OLS regression for Cash flows 14 4.1.2 Survival Analysis 15 4.2 Robustness Check 18 4.3 Conclusion 19 REFERENCE 20 List of Figure Figure 1. Google Trends and SVI Data 22 List of Tables Table 1. Summary Statistic of the Variables 23 Table 2. Summary Statistic of the Variable－For Surviving and Non-surviving Funds 24 Table 3. Time series means of Variables－All funds 26 Table 4. Fund Flows and SVI & Fees 27 Table 5. Survival Analysis 29 Table 6. Volatility of Monthly Return and the Fee Structure of Bond Funds 30 Table 7. Cash Flow OLS Model for 2 Years Samples 31 Table 8. Survival Analysis for 2 Years Samples 33

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