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主讲人 |
陈梓麟 |
简介 |
<p>Does political partisanship shape the investment performance of professional fund managers? We find that hedge funds that hold stocks that are strongly aligned with the incumbent president's economic policies underperform funds that hold stocks that are poorly aligned with the incumbent president's economic policies by 4.44% per year after adjusting for risk. In line with a partisanship bias story, our findings are driven by managers who are politically aligned with the incumbent president and stronger when (a) fund managers are highly partisan, (b) sentiment diverges between Democrats and Republicans, and (c) conflicts occur between the President and US Congress. Following exogenous shocks that heighten partisan bias such as mass shootings and political protests, politically aligned funds increase their exposures to politically aligned stocks, leading to greater underperformance. Our results extend to mutual funds and suggest that political partisanship can be detrimental for investment management.</p>
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主讲人简介 |
<p><span style="text-indent: 21pt; font-family: 宋体;">陈梓麟，西南财经大学金融学院副教授，主要研究领域为实证资产定价、行为金融和机器学习。论文发表或接收于</span><span lang="EN-US" style="text-indent: 21pt; font-family: "Times New Roman", serif;">Journal of Financial Economics</span><span style="text-indent: 21pt; font-family: 宋体;">、</span><span lang="EN-US" style="text-indent: 21pt; font-family: "Times New Roman", serif;">Journal of Banking and Finance</span><span style="text-indent: 21pt; font-family: 宋体;">、</span><span lang="EN-US" style="text-indent: 21pt; font-family: "Times New Roman", serif;">Journal of Economic Dynamics and Control</span><span style="text-indent: 21pt; font-family: 宋体;">、</span><span lang="EN-US" style="text-indent: 21pt; font-family: "Times New Roman", serif;">Journal of Business Finance & Accounting</span><span style="text-indent: 21pt; font-family: 宋体;">等国际期刊。</span></p>
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期数 |
高级金融经济学系列讲座2025年秋季学期第一讲 |
