在显而易见的地方寻找信息:工作关系和共同基金投资想法

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2023-03-01 DOI:10.1016/j.finmar.2022.100767

Egemen Genc , Sara E. Shirley , Jeffrey R. Stark , Hai Tran

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引用次数: 0

摘要

拥有共同工作关系的经理的共同基金在投资组合持有、股票购买和股票销售方面有更大的重叠。这种关系在工作联系开始后发展，并在联系结束后持续存在。缓解内生性担忧的几项测试提供了因果解释的支持性证据，即工作关系导致共同基金经理之间分享投资理念。对互惠交易的测试表明，交换条件的期望激励经理们分享有价值的投资想法。

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Finding information in obvious places: Work connections and mutual fund investment ideas

Mutual funds with managers who share a work connection have greater overlap in portfolio holdings, equity purchases, and equity sales. This relationship develops after a work connection begins and persists after the connection ends. Several tests to mitigate endogeneity concerns provide supportive evidence of a causal interpretation that work connections lead to the sharing of investment ideas among mutual fund managers. Tests on reciprocal trading suggest that quid pro quo expectations motivate managers to share valuable investment ideas.

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.