【作者】 李晓梅； 刘志新；

【Author】 LI Xiao-mei,LIU Zhi-xin (School of Economics and Management,Beihang University,Beijing 100191,China)

【机构】 北京航空航天大学经济管理学院；

【摘要】 本文建立四个大样本截面回归模型考察不同城市之间基金经理投资决策的交互影响。研究发现,中国基金经理投资存在显著同群效应,城市内基金经理投资相互影响系数大于城市间基金经理投资相互影响系数。进一步研究表明:基金经理的股票买入和卖出决策均受同群者的影响,且股票卖出决策的同群效应小于买入决策同群效应;同时,基金经理对新股购买和已持股票交易决策亦均受同群者的影响。以上研究结果说明,处在同一城市的基金经理更容易进行交流传递投资信息,导致基金的股票配置决策趋同。更多还原

【Abstract】 This paper investigates the interaction effects of investment decisions between mutual fund managers in different cities with four large sample cross-section regression models.We find that significant peer effects exist in fund manager investment decision-making process,which is as mutual influence coefficient in the same city is larger than those in cross-city level.Further studies show that both buying and selling decision are affected by peers and peer effects in selling decision are weaker.Meanwhile,our results reveal strong evidence of peer effects in the trading decision of new share purchase and old share trading.This evidence can be interpreted in terms of that fund managers in the same city are more likely to communicate with each other,leading to decision convergence of funds’ equity allocation.更多还原