Pre-market Attention and Fund Holding Behavior: An Empirical Examination Based on Public Opinion

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Journal of Central University of Finance & Economics ›› 2021, Vol. 0 ›› Issue (11) : 73-84.

WANG Ju-xian, XU Rui-yao, WANG Hui-min, GAO Yun-peng

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Abstract

There are many controversies over whether fund holding is a “informed trading” based on information mining or just a “herding”.This paper provides a new empirical evidence by examining whether pre-market attention affects funds' holding behavior.Taking “Snowball Finance” public opinion index system,we use cumulative attendances,cumulative discussions,and cumulative transaction sharing as indicators and found that the higher pre-market attention,the higher the proportion of shareholding of fund.And it's more obvious where less analysts' following.The results told us that the fund did refer to pre-market attention and follow the market.It's helpful to understand the funds' holding behavior.

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Funds' holding behavior / Market attention / Public opinion / Institutional investment

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WANG Ju-xian, XU Rui-yao, WANG Hui-min, GAO Yun-peng. Pre-market Attention and Fund Holding Behavior: An Empirical Examination Based on Public Opinion[J]. Journal of Central University of Finance & Economics, 2021, 0(11): 73-84

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