【摘要】 本文研究QDII基金经理的海外联系对其全球资产配置的影响。研究发现,在控制全球各主要资本市场的相关特征后,QDII基金经理偏好投资于其曾经工作过或者入籍的关联市场。基金经理对部分关联市场表现出的投资偏好,不能预测该市场未来的整体走势,但可以改善基金收益率。因此,基金经理对关联市场所表现出的投资偏好并非完全基于市场的基本面信息,而更多地基于跨境投资中的信息不对称考虑。基金经理偏好投资于关联市场,可以充分利用其在关联市场的信息优势,降低投资组合的整体信息不对称程度,进而改善基金业绩。更多还原

【Abstract】 This paper investigates whether overseas connections of managers of China qualified domestic institutional investors( QDII) would influence portfolio allocation of their funds or not. It shows that,after controlling various markets’ attributes,QDII managers significantly prefer financial markets where they previously worked or became naturalized. Moreover,this preference towards these connected markets is not related to fundamentals,as such preference does not predict subsequent market performance. However,QDII funds in favour of connected markets can earn higher returns compared to their peers. This evidence may suggest that QDIIs’ managers are able to exploit their information advantage in connected markets to reduce information asymmetry in their international portfolios and improve the performance of their funds.更多还原