Gallaher, Steven; Kaniel, Ron; Starks, Laura T - C.E.P.R. Discussion Papers - 2015
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 … families. At the family level, flows have a convex relation with advertising expenditures, similar to that for performance …