主题｜Topic：The Value of Alumni Networks: Evidence from the Mutual Fund Industry in China
时间｜Time：5月25号（周五）｜May 25th (Friday), 3：00 - 6：00 PM
地点｜Venue：文波208｜208，WENBO
主讲｜Speaker
凌崚博士，美国 Georgia College & State University 金融学终身教授。研究领域有机构投资者，共同基金，和公司金融等。1995年获 武汉大学经济学学士 (国际金融)学位，2002年获美国Georgia State University(佐治亚州立大学)工商管理硕士 (金融学) 学位，2008年获 Georgia State University 博士(金融学) 学位。所著论文发表在 The Review of Financial Studies, The Quarterly Review of Economics and Finance, Journal of Financial Markets, Finance Research Letters 等多个国外学术期刊。任 Financial Review, Journal of Economics and Business，Finance Research Letters 等期刊的匿名审稿人。
研究领域｜Research Interests
公司金融, 投资分析, 国际金融, 金融市场和金融机构
Corporate Finance, Investment Analysis, International Finance, Financial Markets，Financial Institutions
摘要｜Abstract
We study word-of-mouth effects on institutional investors’ investments through the interaction channel of alumni networks in China. After controlling for organization-based and location-based interpersonal connections, we find that mutual fund managers who graduated from the same college / university hold more common equity holdings and are more likely to buy or sell the same stocks contemporaneously. As a result, alumni managers exhibit a higher correlation of fund returns. However, the influence of alumni relationship on mutual fund investments is weaker when more managers are connected with each other. We also find a positive and significant relation between alumni connection and fund performance. Our findings suggest that information dissemination among alumni fund managers could be the main source for fund herding behavior and that a portfolio of funds whose managers are educationally connected could be highly exposed to certain stocks and risks.
