ABSTRACT

The active share of mutual funds drops significantly when investor sentiment is high, indicating that fund managers reduce their active stock selection and stay closer to their benchmarks during such periods. Our evidence is consistent with fund managers being sentiment-prone – challenging the conventional view that it is only the preponderance of retail investors during high sentiment periods that allows sentiment to influence asset prices.

中文翻译：

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投资者情绪和共同基金选股

摘要

当投资者情绪高涨时，共同基金的主动份额显着下降，表明基金经理在此期间减少了主动选股并保持更接近其基准。我们的证据与基金经理的情绪倾向一致——挑战了传统观点，即只有散户投资者在情绪高涨期间占优势，情绪才会影响资产价格。