西南财经大学金融研究院(Institute of Financial Studies, SWUFE)邀请著名学者华盛顿州立大学(Washington State University)George Jiang教授来我校进行学术交流，其间将在金融研究院202会议室进行学术演讲。诚邀广大师生参加！
讲座具体安排如下：
主题: Sentimental Mutual Fund Flows
主讲人: George Jiang教授, 华盛顿州立大学
时间: 2014年7月21日(星期一)上午10:30-12:00
地点: 金融研究院202会议室(光华校区原老干部活动中心二楼，北三门篮球场旁)
主办单位: 金融研究院
主讲人简介:
George Jiang教授，Gary P. Brinson Chair of Investment Management， Department of Finance and Management Science， Washington State University, 于1996年在西安大略大学获得经济学博士学位。George Jiang教授的研究领域包括资产定价理论，投资学，资本市场有效性等。他目前的研究主要集中在tests of asset pricing models and cross-sectional stock return distribution, informational uncertainty in financial markets等方面。
有关George Jiang教授的个人简历等具体介绍请见:
http://www.cb.wsu.edu/directory/profile.cfm?emp=jiang_george
论文摘要：
Sentiment-driven investors tend to trade more aggressively but are more inexperienced and na?ve. Using mutual fund flows, we examine investor behavior during high and low sentiment periods. Our results show that retail investors move money toward funds with smaller size, higher market exposure, higher past returns, and more visibility during high sentiment period. On the other hand, retail investors are more sensitive to fund expenses, fund portfolio styles, and reputation of fund managers during low sentiment period. We further show that in contrast to retail investors, institutional investor behavior does not vary significantly between high and low sentiment periods. Finally, we show that the performance of new money flows is consistent with implications of investment sentiment on stock valuations. Specifically, new money inflows to retail funds earn significantly higher abnormal returns than outflows during low sentiment periods.
联系人:叶丹 张敏洁 屈程程
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