Past behavioral research has provided evidence that fund investors have the ability to predict fund performance, called the smart money effect. In this study we examine whether the smart money effect exists in the Taiwanese mutual fund market. Specifically, we investigate whether the smart money...

Purpose: This study aims to investigate whether and how various sentiments affect the stock market's reaction to the ACSI (American Customer Satisfaction Index) information.Design/methodology/approach: The portfolio approach with time-varying risk factor loadings and the asset-pricing models are...