[size=11.000000pt]（论文）英国Market Abuse Regulation实证研究，基金经理收益研究

[size=11.000000pt]In response to the changing nature and structure of the financial market, and to further increase the marketintegrity and investor protection, Market Abuse Regulation (MAR) was carried out on July 3rd, 2016. Sofar, there is limited empirical research about the consequences of the implementation of MAR. Based on asample of 106 mutual funds and 196 mutual fund managers in the UK Market, this paper provides earlyempirical evidence about the effects of MAR regarding how it affects the mutual fund managers’investment decisions and returns. The study finds that mutual fund managers tend to overweight theconnected stocks --- stocks issued by companies whose executives share a similar experience with mutualfund managers. In particular, the introduction of MAR does not change the connected stocksoverweighting practice. Afterwards, I examined the returns achieved by fund managers before and after theimplementation of MAR. In post-MAR period, markedly lower returns are achieved from Both Connectedstocks --- stocks issued by companies whose executives share similar education and employmentexperience with fund managers. However, Both Connected stocks only account for a slight proportion, andthe overall trend shows that fund managers achieve better results from connected stocks in the post-MARperiod. Therefore, it is concluded that MAR has effectively reduced the familiarity bias and hasencouraged fund managers to perform objective investment analysis.