The Impact of Advertising on Fund Flows in Alternative Distribution Channels

Jeffrey J. Yankow, Thomas I. Smythe, Vance P. Lesseig, Michael A. Jones


Existing literature demonstrates a positive relationship between advertising and subsequent mutual fund flows. While this relationship is hardly unexpected, it has only been addressed in a limited fashion. This work seeks to explore the issue in greater depth by examining both fixed income and equity funds, by separating load and no-load funds, and by using a richer empirical model. Our findings support the accepted relationship in general, but indicate that the response by investors differs between fund types (equity vs. fixed income) and the direct (no-load) and broker-sold (load) markets. Finally, we provide evidence that earlier findings are contingent upon the sample of funds selected as well as the empirical specification.

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International Journal of Financial Research
ISSN 1923-4023(Print)ISSN 1923-4031(Online)


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