Headlines and Bottom Lines: Attention and Learning Effects from Media Coverage of Mutual Funds 1 Ron Kaniel † Laura Starks ‡ Duke University University of Texas at Austin Vasudha Vasudevan § University of Texas at Austin February 2007 † Ron Kaniel, Duke University, Fuqua School of Business, 134 Towerview Drive, Durham, NC 27708. Email: Ron.Kaniel@duke.edu ‡ Laura Starks, University of Texas at Austin, McCombs School of Business, Department of Finance, Austin, TX 78712-1179. Email: LStarks@mail.utexas.edu § Vasudha Vasudevan, University of Texas at Austin, McCombs School of Business, Department of Finance, Austin, TX 78712-1179. Email: Vasudha@mail.utexas.edu 1 The authors would like to thank Andres Almazan, Anup Agrawal, Chris Barry, Justin Benefield, Alon Brav, Keith Brown, Li Gan, David Robinson, Stefan Ruenzi and participants at a seminar at TCU for helpful comments.