论文部分内容阅读
本文考察了四大城市(上海、深圳、北京和广州)各基金系基金经理投资之间的关系。结果发现,同城基金经理投资相互影响显著大于其他城市基金经理的影响。这种现象可由口碑效应解释,同城投资者之间更易通过口头交流传递关于股票的信息和看法,进而影响投资行为。同时发现各城市基金经理倾向于采取相同投资决策,优质上市公司资源有限、基金公司股票池雷同、基金经理生存压力等原因可能导致基金持股趋同,该结果也一定程度上反映出基金管理公司的治理水平存在不足。
This article examines the relationship between fund managers’ investments in the four major cities (Shanghai, Shenzhen, Beijing and Guangzhou). The results showed that the mutual investment between city fund managers was significantly greater than the impact of other city fund managers. This phenomenon can be explained by the word-of-mouth effect, and investors in the same city can more easily transmit the information and opinions about the stock through oral communication, thereby affecting the investment behavior. Also found that the city’s fund managers tend to take the same investment decisions, the limited resources of high-quality listed companies, the same stock fund pool companies, fund managers and other reasons may lead to survival of stock funds convergence, the results also reflect to some extent the fund management company There is not enough governance level.