Fund news text emotions, style drift, and fund performance

Abstract

Abstract: Fund news text is an important carrier of market information. Unlike existing research that focuses on the one-way impact of traditional financial indicators on fund performance, this study combines text analysis techniques with mediation effect models to systematically explore the impact path of fund news text emotions on fund performance through style drift,and test the asymmetric characteristics of mediation effects in different market contexts. Empirical research has found that compared to the direct correlation commonly studied in existing studies, fund style drift exhibits a significant mediating effect in the influence of textual emotions on fund performance; Compared with negative news text emotions, positive emotions have differential transmission characteristics in the pathway of accelerating style drift to improve performance. When fund returns are negative, the mediating effect of style drift on performance is significantly enhanced, and excessive style drift will reduce performance stability. The research has expanded the application boundaries of behavioral finance theory in the field of textual information, providing a new monitoring dimension for regulatory agencies to identify the risk of fund style alienation.

Key words: style drift, fund news, text emotion index

CLC Number:

F831

LI Zhendong, DENG Hui, LIU Linlong. Fund news text emotions, style drift, and fund performance[J]. Journal of Guizhou University of Finance and Economics, 2025(04): 51-60.

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