Mutual fund performance and fund prospectus clarity
作者： James Philpot , Don T Johnson
DOI: 10.1057/PALGRAVE.FSM.4760042
关键词: Readability 、 Mutual fund 、 CLARITY 、 Marketing 、 Business 、 Brand management 、 Actuarial science 、 Prospectus 、 Distribution management system 、 Financial services 、 Customer relationship management
摘要: We conduct a cross-sectional examination of the writing clarity (readability) mutual fund prospectuses from 20 major US families. focus on language in objective/strategy and principal risks sections, using Flesch scores word counts to measure clarity. There is considerable variation readability among funds do not vary across objective, but within funds, risk discussions are more clear than objective/strategy. Generally, fund's discussion lower for load no-load increases with size beta decreases raw risk-adjusted three-year returns.
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