Purpose

The purpose of this study is to investigate whether the direct and indirect sentiment measures are similar in explaining mutual fund performance.

Design/methodology/approach

The authors examine the role of direct and indirect sentiment measures on fund performance in two scenarios. One is when a sentiment measure is added to market models, and the other is when it used independently. Also, the authors propose a system science theory to explain the findings.

Findings

The authors find that both direct and indirect sentiment measures are integral to the benchmark models to explain fund performance. However, while the explanatory power of the direct sentiment index is robust when used independently or collectively, the indirect sentiment measures can explain fund performance only when used along with other market factors.

Originality/value

Given the number of sentiment measures, it is critical to determine whether these measures contain the same information of sentiment. This paper represents the first study on this topic.

中文翻译：

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比较共同基金业绩中的情绪指标

目的

这项研究的目的是调查在解释共同基金业绩方面直接和间接的情绪措施是否相似。

设计/方法/方法

作者研究了在两种情况下直接和间接情绪措施对基金绩效的作用。一种是将情感指标添加到市场模型中，另一种是独立使用时。此外，作者提出了系统科学理论来解释这一发现。

发现

作者发现，直接和间接的情绪衡量都是解释基金绩效的基准模型不可或缺的。但是，尽管直接或单独使用直接情感指数的解释力很强，但仅与其他市场因素一起使用时，间接情感指标才能解释基金的表现。

创意/价值

给定情感量度的数量，确定这些量度是否包含相同的情感信息至关重要。本文代表了对该主题的首次研究。