Journal of Financial & Quantitative Analysis. Vol. 52 Issue 5, Sep2017

为什么基金经理会分享可以盈利的观点

作者：Mahmoud Botshekan (Faculty of Administrative Sciences and Economics, University of Isfahan)

Wesley R. Gray (Lebow College of Business, Drexel University)

Andrew E. Kern(Trulaske College of Business, University of Mis

摘要：我们研究了由一家基金经理私下分享并讨论详细的投资建议的机构提供的数据。做多建议会产生正的超额收益，做空会产生负的超额收益。在这种背景下，我们提出了一个很重要的经济问题：为什么老成的投资者会与其他人分享可以盈利的观点呢？证据表明：样本中的基金经理分享观点是为了获得别人对他们观点的反馈以及吸引额外的套利资本进入他们推荐的证券以纠正错误定价。

Why Do Fund Managers Identify and Share Profitable Ideas?

Mahmoud Botshekan (Faculty of Administrative Sciences and Economics, University of Isfahan), Wesley R. Gray (Lebow College of Business, Drexel University), Andrew E. Kern(Trulaske College of Business, University of Missouri)

ABSTRACT

We study data from an organization in which fund managers privately share and discuss detailed investment recommendations. Buy recommendations generate positive abnormal returns, and sell recommendations result in negative abnormal returns. In the context of these results, we explore an important economic question: Why do skilled investors share profitable ideas with others? Evidence suggests that the managers in our sample share to receive feedback on their ideas and to attract additional arbitrageur capital to the securities they recommend in order to correct mispricings.

原文链接: https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/why-do-fund-managers-identify-and-share-profitable ideas/AED156FA23D7AF903A4197D97FF7F05D

翻译：汪国颂