主题：Inefficient Globalization of Finance: Evidence from Marketing-Oriented Overseas Expansions of Low-Skilled Mutual Fund Families（低效的金融全球化：从低技能的共同基金家族向以市场为导向的海外扩张中得到的启示）
主讲人：张弘，德州扑克大小-德州扑克攻略
凤凰金融学讲席教授
日期：2016年9月21日（周三）
时间：下午1:30-2:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We study how globalization of finance may unintendedly reduce market efficiency through low-skilled mutual fund companies. Particularly, globalization of finance may allow low-skilled mutual fund companies to achieve product differentiation by launching new funds for “marketing” purposes rather than for the goal of improving investor welfare or market efficiency. Using the complete sample of global mutual funds, we find that low-skill fund companies are more likely to launch new funds that track less-explored foreign equity market indices. These new funds, however, typically deliver lower returns and lower diversification benefits. The associated cross-border capital flows increase the degree of market integration, but reduce price efficiency and liquidity.
主讲人简介:
Hong Zhang is currently Phoenix Chair Professor of Finance at PBC School of Finance, Tsinghua University. Before joining PBCSF, he had worked at INSEAD since 2004, and visited Yale School of Management in 2010 and Cheung Kong Graduate School of Business in 2010-2012. He received his PHD in Finance from Yale School of Management in 2004. Prior to studying finance, he studied physics in New York University and had won a national gold medal and national champion for experiments at 8th Chinese Physics Olympics. Professor Zhang is experienced in MBA/EMBA teaching and senior Executive education, and his research covers international finance, institutions, mutual funds, hedge funds as well as corporate governance. His research is published in top finance journals such as the Review of Financial Studies, the Journal of Financial Economics, the Journal of Financial and the Quantitative Analysis and the Review of Finance.
