明星基金、外溢效果與基金廣告關聯性之探討：個別基金觀點與基金家族觀點

Star Funds, Spillover Effect and Fund Advertisements: From the Viewpoint of Individual Funds and Fund Families

本文採用Panel Data Approach與Logistic Regression法，分別站在個別基金與基金家族觀點來探討基金廣告對個別基金及其家族的影響。本文的研究顯示採家族廣告對個別基金與基金家族而言都會是一個不錯的選擇。而單一基金廣告可能造成個別基金間的衝突，因為單一基金廣告佔用了家族的資源，但是只對被廣告的基金有利，卻無法創造出外溢效果。除非被單一廣告的基金是明星基金，才可得到更佳的廣告效果與外溢效果，因此明星基金被單一廣告的機率亦大為提高。此外，無論是在整體市場中或是家族內，只要能位居績效或是流量的明星或贏家地位，該基金被單一廣告的機率都將大幅提高，此點印證了符合家族利益的基金，在家族有限的資源中，將得到家族給予更多資源支持的論點（Chevalier and Ellison，1997）。

This study adopts the Panel Data Approach and Logistic Regression to examine the effect of fund advertisements from the viewpoint of both individual funds and fund families. Our empirical results show that adopting family advertisements is a good decision both for individual funds and their families. However, there exists a conflict between individual funds when the individual fund advertisement is executed. The individual funds do not respond well to individual fund advertisements of other funds within the same family because it consumes the resources of the family and does not have a spillover effect. One exception is star funds. The individual fund advertisement of star funds not only results in more flows but also has a spillover effect, which thus brings the star funds a higher probability of being individually advertised. As long as the funds are performance (flow) star and winner funds within the whole stock funds or only the performance (flow) star and winner funds within the family, their advertisement probability is raised. This is consistent with the argument that if the funds confirm the benefit of the family, the family may decide to distribute more limited resources to these funds (Chevalier and Ellison, 1997).