本論文的研究目的旨在探討基金報紙廣告與基金流量及明星基金之間的關係。本論文以1997-2007年台灣的股票型基金為研究對象，以追蹤資料迴歸模型與羅吉斯迴歸模型等探討底下幾個過去文獻所沒有探討到的議題： (1)探討各種平面廣告策略對基金流量的影響 (2)比較單支基金廣告與家族基金廣告的效果 (3)探討單支基金廣告與明星基金之關聯性 (4)研究台灣的單支基金廣告與明星基金的外溢效果 (5)基金報紙廣告是否具資訊內涵。另外，本論文亦在穩健性測試中，結合多空市場議題與廣告效果議題，以測試上述之基金之廣告效果與廣告的外溢效果在多空市場下是否具穩健性。

本論文的貢獻在於驗證許多國內外文獻所沒有探討的議題，其研究結果除了與行為財務學有所關聯外，對投資人與基金經理人亦有其意涵。其研究結果與意涵如下：
1.本論文發現基金廣告降低了投資人所面對的資訊不對稱的現象，針對基金廣告後的績效所做的分析顯示，在廣告後的12個月，廣告基金的超額報酬均顯著為正，此一結果顯示基金的廣告具資訊內涵，因此基金廣告可以作為投資人投資決策之參考。因此，在資訊不對稱被減低的情況下，投資人在投資廣告的基金時會不在意風險因素。
2.廣告次數的多寡則為重要的廣告策略，除非基金廣告刊登在頭版且同時版面夠大，否則不如採用多次刊登廣告的策略，即使廣告版面不大或不在頭版，透過相同資訊一再的刺激基金投資者，亦能達到廣告的成效。
3.不論在多頭或空頭時期，相較於沒有廣告的基金，投資人都會較關注有廣告的基金。
4.明星基金不僅為其自己本身帶來顯著為正的流量，同時也對家族內其他的基金產生正向的外溢效果，因此，同時也大為提高其被單一廣告的機率，而被單一廣告的基金若有明星基金的光環則其廣告效果更佳。
5.不論是整體基金中績效的明星與贏家基金或是僅是家族內的績效明星與贏家基金，甚至若是家族內流量的明星或贏家，其被單一廣告的機率均將大為提高，此點符合了若某基金符合其家族的利益，則其家族可能會決定將有限資源不公平分配給此基金的論點(Chevalier and Ellison ,1997; Sirri and Tufano, 1998; Guedj and Papastaikoudi, 2008)。

This thesis aims to investigate the relation among fund advertisements in the newspaper, fund flows and star funds. Using equity funds in Taiwan from 1997 to 2007, this thesis adopts panel data regression and logistic regression models to examine the following issues: (1) the impact of various ad strategies on fund flows (2) the comparison of the advertisement effect between individual fund and family fund advertisements (3) the relation between the individual fund advertisements and star funds (4) the combination of the issues of spillover effect of individual fund advertisements and the star funds (5) the investigation of the information content of the fund advertisements in the newspaper.
This thesis contributes to the literature by examining issues which previous literature does not cope with and its results are related to the behavioral finance. Moreover, the results of this thesis have important implications for fund investors and managers. The findings and implications are as follows:
1.Fund advertisements lessen the information asymmetry of fund investors. The abnormal return of the ad funds is significantly positive after twelve months of the advertisement. This result implies that the fund advertisement is informative. Fund investors ignore the risk factor when they are investing in the ad funds since the phenomenon of information asymmetry is lessened.
2.Advertising frequency is an important strategy of fund print ads. It is better for fund companies to make the advertisement for many times than to have their funds printed on the front page of the newspaper. Even though the advertisement size is not large, the repeated ads stimulate investors to invest in the advertised funds.
3.No matter in the bull or bear markets the fund advertisement has significantly positive influence on the fund flows.
4.The star funds not only receive more fund flows for themselves, but they also cause spillover of positive flows to the other funds in their family, which thus brings the star funds higher probability of being individually advertised. If the individually advertised funds are also star funds, the ad effect is strengthened.
5.As long as the funds are performance star and winner funds or only the performance (flow) star and winner funds within the family, their advertisement probability is raised. This is consistent with the argument that if the funds confirm the benefit of the family, the family may decide to distribute the limited resources to these funds disproportionately (Chevalier and Ellison,1997, et al.).

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