Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows
研究在Barron's或Money杂志上刊登广告的294只共同基金，发现广告前业绩显著高于基准，但广告后并无持续优异表现，说明广告主要用于吸引资金而非传递信号。
We examine a sample of 294 mutual funds that are advertised in Barron's or Money magazine. The preadvertisement performance of these funds is significantly higher than that of the benchmarks. We test whether the sponsors select funds to signal continued superior performance or they use the past superior performance to attract more money into the funds. Our analysis shows that there is no superior performance in the postadvertisement period. Thus, the results do not support the signaling hypothesis. On the other hand, we find that the advertised funds attract significantly more money in comparison with a group of control funds.