廣告之外溢效果：共同基金家族的實証研究

The Advertising Spillover Effect: Implication for Mutual Fund Families

過去研究發現公司對其某一商品之廣告的效果會外溢並增加其他存在於市場中之相同品牌商品的銷售。本研究主要探討廣告的外溢效果是否存在於共同基金市場之中。研究結果顯示：共同基金家族中的某一基金之廣告能增加同家族中績效較佳之基金的現金流量；但對績效中等與績效較差之基金，此一效果則不顯著。對於共同基金家族之廣告而言，研究結果顯示：基金家族的廣告能增加該基金家族的現金流量，而此一廣告的效果在規模較大的基金家族呈現顯著，在規模較小的基金家族則呈現不顯著。

Prior studies have found that a firm’s advertising for one of its products can spill over and enhance sales for other existing products with the same brand name. This study examines whether the advertising spillover effect exists in the mutual fund market. The evidence shows that advertised funds in a fund family can significantly increase the cash flows of other higher-performing funds in the same family but not for those funds with middle and lower performance. For the fund family’s advertising, results indicate that fund family’s advertising can significantly increase the family cash flows for large fund families but not for those small fund families.