Using both actual and bootstrapped fund samples, this paper examines whether fund sentiment beta (FSB) can be used to predict future fund performance, whether FSB exhibits persistence across time periods, and whether FSB affects fund selectivity. We find that FSB has no significant effect on either current or subsequent fund performance and that it does not exhibit any persistence across time. Also, we find no evidence of a relationship between FSB and fund selectivity. Contrary to prior research, these findings suggest that an FSB-based strategy is unlikely to be a profitable strategy for fund managers.

中文翻译：

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基金信心测试版能否预测未来表现？

本文使用实际和自举的基金样本，研究了是否可以使用基金情绪beta（FSB）来预测未来的基金表现，FSB是否在各个时间段都表现出持久性以及FSB是否会影响基金的选择性。我们发现，FSB不会对当前或以后的基金业绩产生重大影响，并且不会表现出任何持久性。此外，我们没有发现FSB与基金选择性之间存在关系的证据。与先前的研究相反，这些发现表明，基于FSB的策略不太可能成为基金经理的盈利策略。