Mutual fund shareholder letters: Flows, performance, and managerial behavior


Hillert, Alexander ; Niessen-Ruenzi, Alexandra ; Ruenzi, Stefan



Document Type: Article
Year of publication: 2023
The title of a journal, publication series: Management Science
Volume: tba
Issue number: tba
Page range: tba
Place of publication: Cantonsville, MD
Publishing house: INFORMS
ISSN: 0025-1909 , 1526-5501
Related URLs:
Publication language: English
Institution: Business School > Internat. Finanzierung (Ruenzi 2009-)
Business School > ABWL u. Corporate Governance (Niessen-Ruenzi 2012-)
Subject: 330 Economics
Abstract: Fund companies regularly send shareholder letters to their investors. We use textual analysis to investigate whether these letters’ writing style influences fund flows and whether it predicts performance and investment styles. Fund investors react to the tone and content of shareholder letters: A less negative tone leads to higher net flows. Thus, fund companies can use shareholder letters as a tactical instrument to influence flows. However, at the same time, a dishonest communication that is not consistent with the fund’s actual performance decreases flows. A positive writing style predicts higher idiosyncratic risk as well as more style bets, while there is no consistent predictive power for future performance.




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