“国商论坛”第 76期将于6月27日14:00-16:00举行

报告题目：The Value of Alumni Networks: Evidence from the Mutual Fund Industry in China

报告人： Georgia College & State University    凌崚 教授

报告地点：柳林校区通博楼B117A

主持人：  西南财经大学      国际商学院    孙楚仁副院长

主讲内容：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.

 欢迎本院及其他相关单位有兴趣的教师、研究人员和研究生参加。

西南财经大学国际商学院

                          2018年6月25日