講座題目：Spot Fishes at the Table: Tracking Retail Investors and Mutual Funds Return

講座時(shí)間：2022年06月02日（周四）10:00-11:30

講座方式：騰訊會(huì)議（ID：416365 811）

講座鏈接：https://meeting.tencent.com/dm/Q6tI1a7pWdaV

主講人：林兟，天津大學(xué)管理與經(jīng)濟(jì)學(xué)部副研究員。加入天津大學(xué)之前，曾在清華大學(xué)五道口金融學(xué)院資產(chǎn)管理研究中心從事博士后研究工作；其研究領(lǐng)域主要包括資產(chǎn)定價(jià)、行為金融、信息經(jīng)濟(jì)學(xué)和計(jì)算實(shí)驗(yàn)金融，成果發(fā)表于JEDC、JMSE、管理科學(xué)學(xué)報(bào)、系統(tǒng)工程理論與實(shí)踐等國內(nèi)外學(xué)術(shù)期刊；其工作論文曾獲中國金融學(xué)年會(huì)優(yōu)秀論文三等獎(jiǎng)和金融系統(tǒng)工程與風(fēng)險(xiǎn)管理年會(huì)優(yōu)秀論文獎(jiǎng)，并在CICF、FMA Annual Meeting、CFRC、CFTRC、CFAM、CIRF和中國金融前沿學(xué)術(shù)論壇等國內(nèi)外學(xué)術(shù)會(huì)議上進(jìn)行報(bào)告。

講座簡(jiǎn)介：We develop an ability evaluation approach in which a fund manager’s skill is judged by the extent to which the manager holds opposite to traders consistently losing money, such as small retail traders. Our measures reveal strong predictability in the returns of Chinese equity funds and provide information about future fund returns that is not contained in the standard measures. Furthermore, based on the framework of information theory, we demonstrate that skill differences in tracking retail investors drive the magnitude of opposite trading varies across different funds. Hence, these findings offer new evidence that some funds indeed track retail investors intentionally and that ability delivers excess return.