题　目：Soft Information in Portfolio Management

嘉　宾：屈源育   副教授、量化投资专硕项目主任   对外经济贸易大学金融学院

主持人：张   麒    副教授   上海交通大学安泰经济与管理学院

时　间：2023年6月28日（周三）16:00-17:30

地  点：上海交通大学（徐汇校区）安泰A511室 

内容简介:

We study the use of soft information in mutual fund investment decisions based on detailed information of Chinese mutual fund manager company visits. Mutual fund managers exhibit distinctive preferences for soft-information acquisition and those who rely more on soft information hold fewer stocks, have more concentrated portfolios, and are more likely to invest in local and high-growth stocks. Trades associated with soft information acquisition are profitable, but hard and soft information are not simple substitutes in investment decisions. Soft-information fund managers deliver superior performance, and the gains are from timely trades and from soft-information intensive stocks. We find, during the COVID-19 lockdown, soft-information fund managers significantly changed portfolio characteristics and investment decisions in response to restrictions on soft-information acquisition.

演讲人简介：

2018年毕业于清华大学，主要从事资本市场领域的研究。成果发表在Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Corporate Finance, Financial Management，《管理世界》、《金融研究》等。主持国家自然科学基金青年项目等课题，相关报告被省部级领导采纳，曾荣获北京市优秀毕业论文指导教师、全国优秀金融硕士教学案例等奖项。

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