Research On The Impact Of Internet Financial News On The Fees And Income Of Open-end Stock Funds

Fund fees are the core of product design of fund companies.Media coverage will reduce the degree of asymmetry of fund information and affect the ultimate return of fund.It is necessary to study the possible impact of media attention and media sentimental polarity on the fees and income of open-end stock funds.Based on the investor's limited attention theory,herd behavior theory and the agenda setting theory in communication,this paper studies the impact of media attention and media sentimental polarity of Internet financial news on open-end stock fund fees and income.First,we select the data of open-end stock funds from 2015 to 2016 and collect the media attention data through network programming to construct a regression model of fund fees and income of open-end stock funds.The empirical results show that the media attention in the current period and the lag phase has a significant positive impact on the fees and income of open-end stock funds.Secondly,we study the impact of media sentimental polarities on fees and income of open-end stock funds.The empirical results show that media positive sentiment has a significant positive impact on the fees of open-end funds.Media negative sentiment has a significant negative impact on fund fees.In addition,media positive sentiment is more likely to lead to lower fund income,while media negative sentiment has no significant impact on fund income.Finally,We use Baidu news_i,t,t to replace Media Attention as a measure of fund media attention,use SentP_i,t,t to replace Pos_i,t,t as a measure of media positive sentiment,use SentN_i,t,t to replace Neg_i,t,t as a measure of media negative sentiment.After regression,the conclusion is still robust.