德州扑克大小

佐治亚大学特里商德州扑克大小 金融学副教授舒涛学术研讨会:运气还是技巧?来自丧亲基金经理的证据

时间: 2015-05-08 16:17 来源: 作者: 字号: 打印

主题:Luck or Skill? Evidence from Bereaved Fund Managers(运气还是技巧?来自丧亲基金经理的证据)

主讲人:舒涛,佐治亚大学特里商德州扑克大小 金融学副教授

日期:2015年5月8日(周五)

时间:下午2:00-3:30

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:

This paper examines the effects of filial bereavement on mutual fund managers. We find that mutual funds experience a decline in fund return of 3 percentage points around the parental deaths of their managers. This underperformance persists for six to twelve months following the event, consistent with longer-term depressive impact of parental death on fund managers. We also observe these bereaved funds becoming less aggressive as they reduce tracking errors of fund returns and shift their holdings to larger cap stocks. Our findings are inconsistent with the hypothesis that mutual fund performance is largely driven by random noise; instead, they indicate that mutual managers can use their skill to create value but fund performance can be influenced negatively by disruptions in the managers’ personal lives.

主讲人简介:

Tao Shu is Associate Professor of Finance at Terry College of Business in University of Georgia, and also Visiting Associate Professor of Finance at HKUST Business School. Professor Shu received a M.S. in Statistics and Ph.D. in Finance from University of Texas at Austin. His research interests focuses on financial market efficiency, institutional and individual investors, corporate investments, mergers and acquisitions, and behavioral finance. His papers have appeared in Journal of Finance, Review of Financial Studies, and Management Science and other leading finance journals.