讲座题目：Spot Fishes at the Table: Tracking Retail Investors and Mutual Funds Return

讲座时间：2022年06月02日（周四）10:00-11:30

讲座方式：腾讯会议（ID：416365 811）

讲座链接：https://meeting.tencent.com/dm/Q6tI1a7pWdaV

主讲人：林兟，天津大学管理与经济学部副研究员。加入天津大学之前，曾在清华大学五道口金融学院资产管理研究中心从事博士后研究工作；其研究领域主要包括资产定价、行为金融、信息经济学和计算实验金融，成果发表于JEDC、JMSE、管理科学学报、系统工程理论与实践等国内外学术期刊；其工作论文曾获中国金融学年会优秀论文三等奖和金融系统工程与风险管理年会优秀论文奖，并在CICF、FMA Annual Meeting、CFRC、CFTRC、CFAM、CIRF和中国金融前沿学术论坛等国内外学术会议上进行报告。

讲座简介：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.