Does Media Coverage of Stocks Affect Mutual Funds' Trading and Performance?
研究发现，共同基金买入媒体报道股票的倾向存在持续差异，且该倾向越高，基金未来业绩越差，最高倾向组比最低倾向组年化收益低1.1%至2.8%。
We study the relation between mutual fund trades and mass media coverage of stocks. We find that funds exhibit persistent differences in their propensity to buy media-covered stocks. Moreover, this propensity is negatively related to their future performance. Funds in the highest propensity decile underperform funds in the lowest propensity decile by 1.1% to 2.8% per year. These results do not extend to fund sells, likely because of funds' inability to sell short. Overall, the findings suggest that professional investors are subject to limited attention.