Abstrak
This study focuses on the behavior of open-ended mutual fund investors when encountered with
multiple information signals of mutual fund?s historical performance. The behavior of investors can
be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe
the presence of ambiguity within investors due to multiple information signals, and their reaction
towards it. We apply a Fama-McBeth Regression technique for equity mutual funds, fixed income
mutual funds, and balanced mutual funds that are effective during the period of February 2010 until
February 2015. Our finding shows that open-ended mutual fund investors do not only have sensitivity
towards past performance information signals, but also have additional sensitivity towards the
ambiguity of multiple information signals. Because of the presence of ambiguity, investors consider
more on negative information signals and the worst information signal in their investment decisions.
