The Effects of Advertising on Mutual Fund Flows: Results from a New Database

Murat Aydoğdu · Jay W. Wellman

15 citations0/0 files storedFinancial Management

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Financial Markets and Investment Strategies Marketing and Advertising Strategies Corporate Finance and Governance

Abstract

We examine 471,000 mutual fund company advertisements from 1997 to 2003 to study advertising's effect on fund inflows. We find advertising is generally ineffective in attracting inflows but was more effective during the bear market despite smaller advertising expenditures during this time. The top 10 advertisers in our sample were most successful in capturing inflows. These companies generated inflows with mutual fund ads; other companies succeeded when advertising their other products and their brand image. Within a fund family, advertising affects the flagship fund differently than the other funds. Sample firms appeared unable to choose correctly between print and TV ads.

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References

1993Common risk factors in the returns on stocks and bonds 1952PORTFOLIO SELECTION*1997On Persistence in Mutual Fund Performance 1973Risk, Return, and Equilibrium: Empirical Tests 2006Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 1961The Economics of Information 1998Costly Search and Mutual Fund Flows 1996Another Puzzle: The Growth in Actively Managed Mutual Funds

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