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AAA Spark Meeting of Regions

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Investors' Attention to Mutual Funds via EDGAR

Mon, May 24, 12:30 to 1:30pm, Virtual, TBA

Abstract

This paper studies investor attention to mutual funds, measured by the download frequency of SEC filings. Despite the SEC's efforts to improve the disclosures of mutual funds, an $18 trillion industry, little evidence exists on how investors use these disclosures. Using the sample of U.S. equity mutual funds, we find that investors pay more attention to funds with larger assets-under-management, shorter histories, and higher turnover ratios. We also find that an increase in mutual funds’ investor attention (1) predicts subsequent flows, (2) intensifies flow-performance relationships, and (3) reduces mutual fund window dressing. More importantly, the investors' asset allocation decisions are more informed when attention to mutual fund fillings is high. Overall, this paper provides evidence on the acquisition of information by mutual fund investors and its associated effects.

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