This study explores the relation between investor sentiment in equity market and investments in corporate-bond funds. Investors tend to move into and out of corporate-bond funds when contemporaneous sentiment in equity market differs from the historical average. Specifically, a one-standard-deviation decrease in equity-market sentiment generates 0.1% and 0.4% inflows for active and index funds, respectively. It reflects the time-varying flight-to-safety behavior of investors. Besides, funds with low exposure to equity-market sentiment appear to attract inflows and funds with high exposure to equity-market sentiment experience outflows, indicating that investors are likely to avoid sentiment risk. Morever, the result shows that funds with the highest negative sentiment exposure significantly outperform the funds with the highest positive sentiment exposure by 2.22%–2.52% per annum. The results are robust to using alternative sentiment metrics and considering different subperiods.

本研究探讨了股票市场的投资者情绪与公司债券基金投资之间的关系。当股票市场的同期情绪与历史平均水平不同时，投资者往往会进出公司债券基金。具体而言，股票市场情绪一个标准差的下降分别为主动基金和指数基金带来 0.1% 和 0.4% 的流入。它反映了投资者随时间变化的避险行为。此外，对股市情绪敞口较低的基金似乎会吸引资金流入，而对股市情绪敞口较高的基金则出现资金流出，表明投资者可能会规避情绪风险。此外，结果显示，负面情绪敞口最高的基金每年的表现明显优于正面情绪敞口最高的基金2.22%–2.52%。结果对于使用替代情绪指标并考虑不同的子时期是稳健的。