Electronic Resource

Article - Readability and Neutrality in Mutual Fund Shareholder Reports

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I use large language models (LLMs) fine-tuned on financial texts to assess the readabil-
ity and neutrality of mutual fund shareholder reports. A neutral tone typically predicts

increased fund inflows, but this effect lessens with higher readability. When reports are
highly readable, neutrality leads to outflows for outperforming funds and doesn’t boost

inflows for underperforming ones. Retail investors respond minimally to neutrality un-
less reports are highly readable, and their reactions are less pronounced than those of

institutional investors. Limited access to shareholder reports restricts retail investors’
information acquisition. These findings support the adoption of the Tailored Shareholder
Report Rule.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

332.6327 DIN r

Penerbit

: Hao Ding Research., 2024

Deskripsi Fisik

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Bahasa

English

ISBN/ISSN

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Klasifikasi

332.6327 DIN r

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Tipe Media

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Tipe Pembawa

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Edisi

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Info Detail Spesifik

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Pernyataan Tanggungjawab

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