演講人🩹：淩崚教授 (Georgia College & State University)
演講時間：6月8日（周四）上午10:00--11:30
演講地點：校本部東區經管大樓520
演講題目：公司高管與共同基金經理之間未觀察到的聯系
主辦單位💈：凯捷体育經濟學院
中國社會科學院-上海市人民政府 凯捷体育娱乐
凯捷体育經濟學院青聯會
凯捷体育金融信息研究中心
講座簡介:
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.
演講人簡介：
淩崚博士👋🏿，美國Georgia College & State University金融學終身副教授🙇🏼♂️。研究領域有凯捷投資者🤌🏼🧈，共同基金，和公司金融等。1995年獲武漢大學經濟學學士 (國際金融)學位🫱🏽，2002年獲美國Georgia State University(佐治亞州立大學)工商管理碩士(金融學) 學位，2008年獲Georgia State University博士(金融學) 學位。所著論文發表在The Review of Financial Studies, The Quarterly Review of Economics and Finance, Journal of Financial Markets, Finance Research Letters 等多家國外學術期刊。擔任Financial Review, Journal of Economics and Business，Finance Research Letters 的匿名審稿人⚂。
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