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The Behavior of Investor Flows in Corporate Bond Mutual Funds
发布时间:2013-7-9 来源:本站原创  

本周三(710日)上午 10:00学术讲座通知:


主讲人:Yong Chen, Assistant Professor of Finance, Texas A&M University


演讲题目:The Behavior of Investor Flows in Corporate Bond Mutual Funds




地点:武东路100号同德楼 111



This paper provides a comprehensive investigation of investor flows in corporate bond mutual funds. We first document that investor flows are sensitive to both past fund performance and recent macro conditions. Then, we examine whether investor flows can predict future fund performance—the “smart money” effect. There is significant evidence of smart money, even though price momentum is not as prominent in corporate bonds as in stocks. Finally, we test several explanations for the smart money effect, including exploring idiosyncratic flows.  We find that the smart money effect largely disappears after we control for recent fund-specific and macro variables.


About the Speaker

Yong Chen is an Assistant Professor of Finance and Republic Bank Research Fellow at Mays Business School at Texas A&M University.  He received his Ph.D. in finance from Boston College. Prior to joining Mays in 2012, Dr. Chen was an Assistant Professor of Finance at the Pamplin College of Business at Virginia Tech.  Dr. Chen has taught investments, equity markets, portfolio management, empirical asset pricing at the undergraduate, MBA, and doctoral levels.


Dr. Chen's research interests focus on investments with a special emphasis on hedge funds and mutual funds. His research has been published in theJournal of Financial Economics, Journal of Financial and Quantitative Analysis, and Journal of Investment Management, as well as presented at numerous university workshops, academic conferences (such as the American Finance Association, the Western Finance Association, and the European Finance Association meetings), financial policymakers (such as the Federal Reserve Bank of New York), and private hedge funds.

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