1. Trading regularity and fund performance（基金频繁交易与基金业绩）；
We construct a new measure of trading regularity, capturing the extent to which investors trade on a regular basis. Institutional investors that trade regularly outperform those that trade less regularly. The performance of funds that regularly trade persists for at least a year. Among those who trade most regularly, larger funds perform relatively worse as they incur higher transaction costs associated with their larger trades. Institutions that regularly trade generate superior performance in part by behaving as contrarians and by trading more aggressively on information. By contrast, we find no relation between trading regularity and performance among index funds.
Dr. Tong is an assistant professor of finance at Singapore Management University. His research interests are in empirical asset pricing, microstructure, mutual funds and behavioral finance. His research has been published in leading journals, such as Journal of Financial Economics, The Review of Financial Studies, Journal of Accounting and Economics, Management Science, Journal of Financial and Quantitative Analysis, The Review of Asset Pricing Studies. Dr. Tong earned a BS degree in mathematics from Fudan University and a PhD degree in finance from Emory University. He is a CFA charterholder.