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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Mutual Funds and Qualitative Disclosure |
| Organization Unit | |
| Authors |
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| Language |
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| Institution | University of Zurich |
| Series Name | Swiss Finance Institute Research Paper |
| Number | 20-54 |
| Number of Pages | 59 |
| Date | 2021 |
| Abstract Text | In this paper, we use the content of U.S. mutual funds' prospectuses to examine the informational value of funds' qualitative disclosures. We document significant heterogeneity in the cross-section of funds' qualitative disclosures, primarily attributed to characteristics at the investment company level. Using textual analysis, we decompose funds' qualitative disclosures into informative and standard content. Our results show that funds' risk-taking behavior and risk-adjusted-performance increase with the informativeness of their disclosures. Content-based updates of disclosures are informative about funds' future risk-taking and their future performance. Finally, we document evidence that investors react to some extent to the informativeness of fund disclosures. |
| Free access at | DOI |
| Digital Object Identifier | 10.2139/ssrn.3648089 |
| Other Identification Number | merlin-id:19635 |
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| Additional Information | Winner of the Swiss Finance Institute Best Paper Doctoral Award 2020. |