Using proprietary data from a major fund data provider, we analyze the screening activity of investment consultants (ICs). We find that ICs frequently shortlist funds using threshold screens clustered at $500MM for AUM, 0% for benchmark-adjusted return, and quartiles for return percentile rank screens. Funds just above the $500MM AUM threshold get 14%–18% more page views and 5–9 pp greater flows over the next year compared to similar funds just below the threshold. Our results are consistent with ICs using a two-stage consider-then-choose decision-making process and cognitive reference numbers in selecting screening thresholds. (JEL G41, G11, G14, G29) Received January 8, 2021; editorial decision September 3, 2021 by Editor Jeffrey Pontiff. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

中文翻译：

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揭示启发式：来自投资顾问搜索行为的证据

我们使用来自主要基金数据提供商的专有数据，分析投资顾问 (IC) 的筛选活动。我们发现 IC 经常使用阈值筛选来筛选基金，AUM 为 500MM，基准调整回报为 0%，回报百分位等级筛选为四分位数。与刚刚低于阈值的类似基金相比，在 500 万美元 AUM 阈值之上的基金在明年获得的页面浏览量增加 14%–18%，流量增加 5–9 个百分点。我们的结果与在选择筛选阈值时使用两阶段考虑然后选择决策过程和认知参考数字的 IC 一致。(JEL G41, G11, G14, G29) 2021年1月8日收到；编辑决定于 2021 年 9 月 3 日由编辑 Jeffrey Pontiff。作者提供了互联网附录，