{"title":"Media hostility and international portfolio allocation: Evidence from global funds","authors":"Xiao Li , Wenjing Xie , Wenjuan Dong , Runyi Zhou","doi":"10.1016/j.ribaf.2025.102782","DOIUrl":null,"url":null,"abstract":"<div><div>This paper employs data from 1397 global funds invested in 40 countries to examine the influence of media sentiment on the global fund asset allocation. The findings indicate that media hostility negatively predicts funds' global portfolio allocation. Moreover, the negative effect is diminished when there is greater cultural integration between countries, whereas cultural distance between countries can have the opposite effect. In addition, media hostility is less effective in predicting the asset allocation of global funds that are less risk averse, while it is more susceptible for funds that are more discretionary.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102782"},"PeriodicalIF":6.3000,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531925000388","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This paper employs data from 1397 global funds invested in 40 countries to examine the influence of media sentiment on the global fund asset allocation. The findings indicate that media hostility negatively predicts funds' global portfolio allocation. Moreover, the negative effect is diminished when there is greater cultural integration between countries, whereas cultural distance between countries can have the opposite effect. In addition, media hostility is less effective in predicting the asset allocation of global funds that are less risk averse, while it is more susceptible for funds that are more discretionary.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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