Changing Names with Style: Mutual Fund Name Changes and Their Effects on Fund Flows
研究共同基金是否通过改名来迎合当前热门投资风格，发现改名后基金平均获得28%的异常资金流入，但业绩并未改善，且投资者似乎被表面效果非理性影响。
ABSTRACT We examine whether mutual funds change their names to take advantage of current hot investment styles, and what effects these name changes have on inflows to the funds, and to the funds' subsequent returns. We find that the year after a fund changes its name to reflect a current hot style, the fund experiences an average cumulative abnormal flow of 28%, with no improvement in performance. The increase in flows is similar across funds whose holdings match the style implied by their new name and those whose holdings do not, suggesting that investors are irrationally influenced by cosmetic effects.