【本期主题】Country and Industry Concentration and the Performance of International Mutual Funds

International mutual funds diversify across countries and industries. In the meantime, fund managers may concentrate fund holdings on the countries or industries for which they have superior information. Using a hand-matched dataset on the holdings of the U.S. international equity mutual funds, we investigate the relationship between country vs.industry concentration and associated fund performance. We find that when sorted by country or industry concentration measures only, concentrated funds outperform their diversified counterparts, a result that is robust after controlling for various risk factors. This superior performance is twice as large in the industry dimension as it is in the country dimension. Moreover, the outperformance in the industry dimension is stronger for smaller funds than for larger funds, which is economically and statistically significant. However, this is not true with respect to the country dimension. Furthermore, we find that the superior performance stemming from country concentration can be explained by industry concentration. While our findings support the view that fund managers’ specialized industry knowledge, or private information (Kacperczyk.Sialm.and Zheng (2005)).can be extended to global markets (Albuquerque, Bauer, and Schneider (2009)), we find little evidence that country specific knowledge helps international equity fund managers improve their performance.
【报告人】王雪             中国人民大学商学院助理教授
                                     美国纽约州立大学金融学博士

【时   间】5月31日 上午10:00

【地   点】中国人民大学明德主楼0509室

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报告人简介：

        王雪，中国人民大学商学院助理教授，2009年毕业于美国纽约州立大学（宾汉姆顿分校），获得金融学博士学位。王雪博士曾在杜兰大学和洛约拉大学新奥尔良做过访问金融讲师。她的研究领域包括：投资学、市场有效性、市场异象、证券投资、行为金融等。在SSCI上发表过多篇论文，还担任如下期刊匿名审稿人： International Journal of Accounting and Information Management，Journal of Asia Business Studies，Journal of Multinational Financial Management。

        中国人民大学金融高端论坛组委会  
财政金融学院应用金融系  
汉青经济与金融高级研究院金融系  
商学院财务与金融系