清华五道口金融学院张弘副教授作了一场题为全球信托基金行业的讲座,在职研究生讲座的主要内容是:
我们假设信任起着影响全球共同基金业的积极性和有效性具有重要作用。根据经验,信任是积极与国内资金的积极性有关,而对于国脚共同基金进行跨境投资的积极性是低信任国家的信任边界。在这两种情况下,信托相关股活跃提供了卓越的性能,虽然经济规模是跨境投资较大(每年大约2%)。我们的研究结果表明,信任,包括信托基金经理和信托在投资市场上,作为一个重要组成部分,以金融中介的发展和全球投资效率。
张弘,清华五道口金融学院昆吾九鼎讲座副教授,耶鲁大学金融学博士。研究领域包括:市场机制(如经济制度,做空,全球化竞争,指数化货币)和资金差异(如热钱和正常资金)如何影响公司/基金的激励机制和市场表现。他的研究成果发表在《金融研究评论》(Review of Financial Studies),《金融经济期刊》(Journal of Financial Economics), 《金融与数量分析杂志》(Journal of Financial and Quantitative Analysis) 和《金融评论》(Review of Finance) 等全球首屈一指的金融期刊上。他的最新论文《看不见的做空之手》在2013年中国金融年会、亚洲金融年会、和加拿大北美金融协会年会上分别获得最佳论文奖。
原文:We hypothesize that trust plays an important role in affecting the activeness and effectiveness of the global mutual fund industry. Empirically, trust is positively associated with the activeness of domestic funds, whereas for internationals mutual funds conducting cross-border investments activeness is bounded by the trust of low-trust countries. In both cases, trust-related active share delivers superior performance, although the economic magnitude is larger for cross-border investments (around 2% per year). Our results suggest that trust, including both trust in fund managers and trust in the market of investment, acts as an important building block to the development of financial intermediaries and the efficiency of global investment.