演讲人：凌崚教授 (Georgia College & State University)
演讲时间：6月8日（周四）上午10:00--11:30
演讲地点：校本部东区经管大楼520
演讲题目：公司高管与共同基金经理之间未观察到的联系
主办单位：上海大学经济学院
中国社会科学院-上海市人民政府 上海研究院
上海大学经济学院青联会
上海大学金融信息研究中心
讲座简介:
We examine investment decisions made by mutual fund managers following the removal of corporate executives from an origin firm for positions at a new destination firm. Our results indicate that managerial turnover causes some funds to comigrate, i.e., divesting in the origin firm while initiating investments in the destination firm. This phenomenon is more pronounced for funds that have earned superior returns from the investments in the origin firm, and that have a greater demand for additional sources of information regarding the destination firm. Further, compared to the holding changes of non-comigration funds, the holding changes of comigration funds in the destination firm have more explanatory power for stock performance around earnings announcement dates. We found no evidence, however, that managers of co-migration funds have better investment skills than non-comigrating managers. Our findings indicate that institutional investors have comparative advantages in collecting certain types of information through connections with corporate executives.
演讲人简介：
凌崚博士，美国Georgia College & State University金融学终身副教授。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 等多家国外学术期刊。担任Financial Review, Journal of Economics and Business，Finance Research Letters 的匿名审稿人。
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