国际基金经理的信息扩散:多国证据

J. Parwada, Joey (Wenling) Yang
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引用次数: 1

摘要

寻求投资于全球股市的投资者通常会购买由本地基金管理公司管理的国际共同基金。这种中间投资形式的竞争力如何?我们调查了国际股票基金经理是否模仿彼此的投资组合,并分析了这些行为对业绩的影响。同一国家的基金经理共同持有的股票多于其他国家的基金经理。国内基金管理公司之间的相关交易对这种模式有显著贡献。跨境基金经理的投资组合持有和交易也与国内基金经理的行为相关。基于模仿和差异化的选股策略都能带来短期的优异表现。模仿销售发生在价格上涨的时候。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Information Diffusion among International Fund Managers: Multi-Country Evidence
Investors seeking exposure to global equity markets commonly buy international mutual funds managed by locally based fund managers. How competitive is this form of intermediated investing? We investigate whether international equity fund managers mimic each other's portfolio holdings and analyze the performance implications of these actions. Managers based in the same country have more stocks held in common than those of their peers in other countries. Correlated trading among domestic fund managers contributes significantly to this pattern. Cross-border managers' portfolio holdings and trades are also relevant to the actions of domestic managers. Stock selection strategies based on mimicry and differentiation both deliver short-term superior performance. Mimicked sales occur while prices are rising.
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