Winners in the spotlight: Media coverage of fund holdings as a driver of flows

David H. Solomon, Eugene Soltes, Denis Sosyura

Research output: Contribution to journalArticlepeer-review

132 Scopus citations


We show that media coverage of mutual fund holdings affects how investors allocate money across funds. Fund holdings with high past returns attract extra flows, but only if these stocks were recently featured in the media. In contrast, holdings that were not covered in major newspapers do not affect flows. We present evidence that media coverage tends to contribute to investors[U+05F3] chasing of past returns rather than facilitate the processing of useful information in fund portfolios. Our evidence suggests that media coverage can exacerbate investor biases and that it is the primary mechanism that makes fund window dressing effective.

Original languageEnglish (US)
Pages (from-to)53-72
Number of pages20
JournalJournal of Financial Economics
Issue number1
StatePublished - Jul 2014
Externally publishedYes


  • Capital flows
  • Fund holdings
  • Media
  • Mutual funds
  • Return chasing

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics
  • Strategy and Management


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