我国基金经理投资口碑效应研究

Word-of-Mouth Effects in the Investment of Chinese Mutual Fund Managers

本文考察了四大城市(上海、深圳、北京和广州)各基金系基金经理投资之间的关系。结果发现,同城基金经理投资相互影响显著大于其他城市基金经理的影响。这种现象可由口碑效应解释,同城投资者之间更易通过口头交流传递关于股票的信息和看法,进而影响投资行为。同时发现各城市基金经理倾向于采取相同投资决策,优质上市公司资源有限、基金公司股票池雷同、基金经理生存压力等原因可能导致基金持股趋同,该结果也一定程度上反映出基金管理公司的治理水平存在不足。

This paper investigates the relationship between investment of mutual fund managers from different cities and different fund families.The results show that ＂intra-city＂ effects are larger than ＂inter-city＂ effects.A mutual fund manager is more likely to buy（or sell） a particular stock in each semi-annual if other managers in the same city are buying（or selling） that same stock.This evidence can be interpreted in terms of word of mouth effects.Investors spread information and ideas about stocks to one another directly through word-of-mouth communication,which affects their investment behavior.