Informativeness of mutual fund advertisements: Does advertising communicate fund quality to investors?
研究发现共同基金广告支出与基金经理能力正相关，做广告的基金次年业绩比同行高83个基点，且这种关系在投资机会多时更显著，持续36个月。
Abstract We uncover a positive relation between advertising expenditures and skill in the mutual fund industry. Motivated by economic signaling models, we find that funds advertising in magazines outperform their peers by 83 basis points in the subsequent year. We determine that the performance differential between advertising and nonadvertising funds is largest when investment opportunities are high and persists for 36 months. Generally, the positive relation between advertising expenditures and future fund flows is not sensitive to the content of the advertisements and is strongest when investor attention is high.