主題：Luck or
Skill? Evidence from Bereaved Fund Managers（運氣還是技巧？來自喪親基金經理的證據）
主講人：舒濤，佐治亞大學特裡商學院金融學副教授
日期：2015年5月8日（周五）
時間：下午2:00-3:30
地點：清華Betvictor中文版4号樓101教室
語言：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.
主講人簡介:
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.
