Research On The Spillover Effect Of Star Funds From The Perspective Of Internet Attention

China's fund industry has achieved rapid development in more than 20 years,and the types of funds,the number of issues,and the scale of asset management have increased significantly.In order to adapt to current market competition and achieve economies of scale,the fund companies tend to issue more than one fund,being like a fund family.At the moment,most people choose to purchase and redeem funds on the Internet,which makes their investment decisions more susceptible to related information on the Internet.In addition,the Internet has also magnified the dominant position of star funds to a certain extent.Among a large number of funds,star funds with excellent performance can gain more attention.So,at a time when the Internet and life are so closely integrated,this dissertation will conduct research on the following questions: Can the star fund bring more capital inflow to itself and other funds in its family? And are there any differences in the impact of star funds that have received different online attention?In the theoretical analysis part,this dissertation first introduces the concepts of network attention,star funds and spillover effects.Secondly,from the perspective of the fund family,this dissertation introduces the fund family trend,which makes the spillover effect possible,and the family's common skill effect and brand effect also cause the spillover effect at the family level.Then,from the perspective of investors,this dissertation analyzes the investor's behavior patterns and how they cause spillover effects using the theory of limited attention,search costs,representative heuristics,and anchor effects.In addition,the demand for diversified investment and diversified risks have also caused spillover effects to a certain extent.Finally,this dissertation summarizes the role of network attention on the spillover effect of star funds,which is mainly reflected in the influence of fund companies 'brand building,attracting investors' limited attention and reducing information risks.In the empirical analysis part,this dissertation studies the funds for 20 quarters from 2014 to 2018.By using the unbalanced panel data regression model,it is found that star funds can bring more capital inflows to their families.At the individual level of the fund,only star funds with high network attention can help increase the inflow of funds of their family members in addition to promoting their own inflow of funds.And ordinary star funds show more influence on themselves.But for funds with poor performance,their existence has no significant impact on themselves and their families.