[ABSTRAK
Fokus dari penelitian ini adalah perilaku dari investor reksa dana terbuka ketikadihadapkan kepada sinyal informasi jamak mengenai kinerja historis dari reksa dana.Perilaku investor dapat tercermin dalam keputusan penempatan dan penarikan danakelolaan reksa dana. Selain itu, penelitian juga mengamati keberadaan ambiguitasyang diterima investor atas sinyal informasi jamak, serta reaksi yang timbul atasambiguitas tersebut. Hasil penelitian menunjukkan bahwa investor reksa dana terbukamemiliki sensitivitas atas sinyal informasi kinerja historis reksa dana, serta memilikisensitivitas tambahan karena ambiguitas dari sinyal informasi jamak. Atas ambiguitasyang timbul, investor menempatkan bobot yang lebih kepada sinyal informasi negatifdan sinyal informasi terburuk dalam keputusan investasi.

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ABSTRACT
The focus of this study is the behaviour of open-ended mutual fund investors whenencountered with multiple information signals of mutual fund?s past performance.The behaviour of investors can be reflected on their decision to subscribe or redeemtheir funds from the mutual fund. Moreover, the research observes the presence ofambiguity within investors because of multiple information signals, and also theirreaction towards it. The results found that open-ended mutual fund investors havesensitivity towards past performance information signals, and also have additionalsensitivity to the ambiguity of multiple information signals. Because of the presenceof ambiguity, investors give more consideration to negative information signals andthe worst information signal in their investment decisions, The focus of this study is the behaviour of open-ended mutual fund investors whenencountered with multiple information signals of mutual fund’s past performance.The behaviour of investors can be reflected on their decision to subscribe or redeemtheir funds from the mutual fund. Moreover, the research observes the presence ofambiguity within investors because of multiple information signals, and also theirreaction towards it. The results found that open-ended mutual fund investors havesensitivity towards past performance information signals, and also have additionalsensitivity to the ambiguity of multiple information signals. Because of the presenceof ambiguity, investors give more consideration to negative information signals andthe worst information signal in their investment decisions]