财务与金融系学术讲座系列2020年第9讲

主 题：Leaving the (fund) gate ajar: investor protection or marketing ploy?

主讲人: Adrian Lee（迪肯大学金融学副教授）

协调人: 高晓丹

时 间：2020-11-13 10:00

地 点：zoom会议室

语 言：英文

Zoom 会议室：

https://zoom.com.cn/j/64758825461?pwd=UXF4VXZnQnZkK1FLZE4zU3M4bHpiZz09

会议 ID：647 5882 5461

密码：413923

讲座摘要:

Using a unique dataset of fund inflow gates in China, we study for the first time discretionary inflow restrictions in mutual funds. We show that funds imposing a purchase limit on investors substantially increase future fund flows and expand their retail investor base, though they do not earn a higher future return. In addition, inflow-restricted funds implement a more aggressive investment strategy and pay a higher fund sales commission when the gate is in place. Overall, contrary to managers’ claim, our findings suggest that fund inflow gates appear more of a scarcity marketing than investor protection.

主讲人简介:

Adrian Lee is an Associate Professor of Finance at Deakin University. He received his PhD in Finance from the University of New South Wales and had taught at the University of Technology Sydney. His research interests include real estate and behavioural finance. His works are published in leading journals such as Journal of Financial and Quantitative Analysis, Management Science and Real Estate Economics.