“大金融学科学术研究沙龙”第74期:Mutual Funds’ Reputation for Information Superiority 

(Released in:2016-03-21 )

主题:Mutual Funds’ Reputation for Information Superiority

主讲人:北京大学光华管理学院 翁翕教授

主持人:金融学院 李四光博士

时间:3月25日(星期五)下午14:00-15:30

地点:格致楼317会议室

主办单位:金融学院、科研处

主讲人简介:

翁翕,宾夕法尼亚大学经济学博士,就职于北京大学光华管理学院应用经济系。研究领域主要集中于Game Theory, Industry Organization, Organizational Economics, Financial Market等方向。仅2015年,翁翕老师在国际一流刊物Journal of Economic Theory和International Economic Review上总共发表四篇高质量论文,另外在Journal of Mathematical Economics发表论文数篇;翁翕老师的部分工作论文目前在Review of Economic Studies, Journal of Finance和Management Science等杂志二审。

内容提要:

We study the effects of mutual funds’ reputations on information acquisition. Funds endogenously invest in reputations by acquiring information, therefore they lack exogenous types. There exists a star rating equilibrium in which investors’ beliefs are consistent with a discrete rating system. In an equilibrium, within a rating group, higher ranked uninformed funds are less likely to acquire information, leading to an “intra-group catch-up” effect. Across rating groups, funds’ incentives jump. Rational investors may merely rely on ratings to pick funds. We relate funds’ activeness to their past and future performance, and provide rational explanations for empirical observations about Morningstar Ratings.