Abstract
Social media exerts as an influential force where fund investors can exchange views in real time. The influence may affect fund returns. Focusing on Chinese fund market, this paper examines the influence of social media, eastmoney.com, on the returns of Rongtong Healthcare Mixed A/B fund. We adopt a VAR model, perform the Granger causality test, and analysis the impulse response results. The results highlight the positive influence of social media on fund returns in short term, and there is a unidirectional causality running from the weekly activation and the weekly influence of posts as a whole to fund returns. The paper also reveals that the weekly activation, compared with the weekly influence of posts, has a greater influence on the returns of Rongtong Healthcare Mixed A/B fund.
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