Purpose: This study aims to investigate whether and how various sentiments affect the stock market's reaction to the ACSI (American Customer Satisfaction Index) information.Design/methodology/approach: The portfolio approach with time-varying risk factor loadings and the asset-pricing models are...

Past behavioral research has provided evidence that fund investors have the ability to predict fund performance, called the smart money effect. In this study we examine whether the smart money effect exists in the Taiwanese mutual fund market. Specifically, we investigate whether the smart money...

This paper investigates how advertising influences the patterns of fund investor's post-purchase behavior as related to fund performance. The evidence shows that fund consumer behavior is influenced by mutual fund advertising in ways similar to goods markets. We find that fund investors are...