Measuring Investor Sentiment with Mutual Fund Flows

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Which Factors Matter to Investors? Evidence from Mutual Fund Flows (2016, neutral): “As a result, we focus 20 Akbas et al. (2015), Ben-Rephael et al. (2012), and Brown et al. (2003) also discuss the use of mutual fund flows as a measure of investor sentiment.”
Terrorist attacks and investor risk preference: Evidence from mutual fund flows (2020, neutral): “Panel A’s net flows, net exchanges are a direct reflection of investor decisions to shift assets between mutual funds in the same family (Ben-Rephael et al., 2012).”
Analysts’ Industry Expertise (2012, background): “A similar phenomenon (in a different context) is documented in Ben-Rephael et al. (2012). They show that mutual-fund investors chase sentiment when switching between equity and bond funds.”