Financial Management, Spring 2014, v. 43, iss. 1, pp. 181-214

地理，非正式信息流和共同基金投资组合

Richard Fu（San Jose State University - Accounting & Finance），Swasti Gupta-Mukherjee（Loyola University Chicago - Department of Finance）

摘要：这篇论文探究了非正式的信息渠道如何影响共同基金的表现。我们衡量了两种基于位置信息的渠道：1）信息在基金经理之间的传递（基金-基金联系）；2）经理和其所投资公司之间的传递（基金-公司联系）。我们发现当任意一种渠道缺失时，另种渠道都会改善投资表现，而两种渠道共同作用时，表现会恶化。其中一种渠道起作用而另一种缺失时，能够赢得了正的未来收益。我们的结果表明非正式信息渠道的经济效益很大程度上取决于它们相互作用的性质。

Geography, Informal Information Flows and Mutual Fund Portfolios

Richard Fu（San Jose State University - Accounting & Finance），Swasti Gupta-Mukherjee（Loyola University Chicago - Department of Finance）

ABSTRACT：This paper explores how informal information channels impact mutual fund performance. We measure the strengths of two location-based information channels: 1) information transfers among fund managers (fund-fund links) and 2) transfers between managers and the companies in which they invest (fund-company links). We find that each channel increases investment performance in the absence of the other, but decreases it when acting in combination. Stock selection associated with the presence of one channel, but the absence of the other, earns positive future returns. Our results indicate that the economic benefits of informal information channels depend critically on the nature of their interactions.

原文链接：

https://core.ac.uk/download/pdf/48605778.pdf

翻译：孙雨琦