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SUMMARY:How Do Mutual Fund Investors React to Text-Based Uncertainty?
DTSTART:20221115T120000
DTEND:20221115T130000
DTSTAMP:20260407T162508Z
UID:9cffdfa922d4a49606621f3b87bf20a3af7d24a663ed42ed7dd0d188
CATEGORIES:Conferences - Seminars
DESCRIPTION:Shema Mitali\, Postdoc\, SFI@EPFL\nThis paper measures the ext
 ent of uncertainty in mutual fund communication and its effects on fund fl
 ows. I test the hypothesis that mutual funds communicating more about unce
 rtainty might avoid large outflows. Investors appear to react to this form
  of communication\, as the use of uncertain terms has a positive effect on
  fund flows for poorly performing funds. This finding helps explain the co
 nvexity of the flow-performance relationship. The effect of uncertainty la
 nguage on flows cannot be explained by greater risk-taking from portfolio 
 investments. A word embedding approach shows that broad market-related tex
 tual uncertainty discussion matters for fund flows\, rather than specific 
 risks. Investors' reaction to uncertainty in mutual fund communication res
 ults in misallocation of capital of across funds.\n 
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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