诚邀参加5月31日现代金融workshop第三期

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

【本期主题】Country and Industry Concentration and the Performance of International Mutual Funds International mutual funds diversify across countries and industries. In the meantime, fund managers may concentrate fund holdings on the countries or industries for which they have superior information. Using a hand-matched dataset on the holdings of the U.S. international equity mutual funds, we investigate the relationship between country vs.industry concentration and associated fund performance. We find that when sorted by country or industry concentration measures only, concentrated funds outperform their diversified counterparts, a result that is robust after controlling for various risk factors. This superior performance is twice as large in the industry dimension as it is in the country dimension. Moreover, the outperformance in the industry dimension is stronger for smaller funds than for larger funds, which is economically and statistically significant. However, this is not true with respect to the country dimension. Furthermore, we find that the superior performance stemming from country concentration can be explained by industry concentration. While our findings support the view that fund managers’ specialized industry knowledge, or private information (Kacperczyk.Sialm.and Zheng (2005)).can be extended to global markets (Albuquerque, Bauer, and Schneider (2009)), we find little evidence that country specific knowledge helps international equity fund managers improve their performance. 【报告人】王雪             中国人民大学商学院助理教授                                      美国纽约州立大学金融学博士 【时   间】5月31日 上午10:00 【地   点】中国人民大学明德主楼0509室         诚邀您参加。如果您有兴趣，请于5月31日前回复邮件rucfinanceforum@gmail.com或电话联系，我们将为您预留座位。联系人：李红梅   62511138 报告人简介：         王雪，中国人民大学商学院助理教授，2009年毕业于美国纽约州立大学（宾汉姆顿分校），获得金融学博士学位。王雪博士曾在杜兰大学和洛约拉大学新奥尔良做过访问金融讲师。她的研究领域包括：投资学、市场有效性、市场异象、证券投资、行为金融等。在SSCI上发表过多篇论文，还担任如下期刊匿名审稿人： International Journal of Accounting and Information Management，Journal of Asia Business Studies，Journal of Multinational Financial Management。         中国人民大学金融高端论坛组委会   财政金融学院应用金融系   汉青经济与金融高级研究院金融系   商学院财务与金融系

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：workshop Worksho Works 现代金融 Work 金融 现代