媒體曝光度、前期績效對基金投資人決策的影響

The Impact of Media Coverage and Prior Performance on Fund Investors’ Investment Decisions

本研究結合了行銷以及財務理論，分析媒體曝光度、前期績效以及其交互作用對基金投資人申購與贖回的決策影響。本文研究結果如下：第一，共同基金投資人受媒體曝光度的影響，會有單純曝光效果以及資訊超載的現象。第二，共同基金投資人存在賭資效應以及處分效果。第三，共同基金投資人會受媒體曝光度的影響，而增加了其強化承諾的現象。

This paper investigates the impact of media coverage, prior performance, and interaction between media coverage and prior performance on mutual fund investors’ investment decision by combining marketing and behavior finance. Our result could be summarized as follow: first, merely exposure effect and information overload do exist in mutual fund investors; first, house money effect and disposition effect do exist in mutual fund investors; third, the media coverage would increase the effect of escalation of commitment on mutual fund investors.