Gallaher, Steven; Kaniel, Ron; Starks, Laura T - C.E.P.R. Discussion Papers - 2015
redemptions rather than increasing purchases of fund shares. We further find that advertising can affect the fund’s flow …We find that advertising appears to have significant effects on investor flows at the industry, family and individual … fund level. At the industry level, flows are higher in months with more advertising dollars spent, even for non-advertising …