【主讲人】屈源育 副教授
【主持人】高明 长聘副教授
【报告题目】Soft Information in Portfolio Management

【报告摘要】We study the use of soft information in mutual fund investment decisions based on detailed information of Chinese mutual fund manager company visits. Mutual fund managers exhibit distinctive preferences for soft-information acquisition and those who rely more on soft information hold fewer stocks, have more concentrated portfolios, and are more likely to invest in local and high-growth stocks. Trades associated with soft information acquisition are profitable, but hard and soft information are not simple substitutes in investment decisions. Soft-information fund managers deliver superior performance, and the gains are from timely trades and from soft-information intensive stocks. We find, during the COVID-19 lockdown, soft-information fund managers significantly changed portfolio characteristics and investment decisions in response to restrictions on soft-information acquisition.

【主讲人介绍】对外经济贸易大学金融学院副教授，量化投资专硕项目主任。2018年毕业于清华大学，主要从事资本市场领域的研究。成果发表在Journal of Financial and Quantitative Analysis、Review of Finance、Journal of Corporate Finance、Financial Management和《管理世界》《金融研究》等国内外权威学术期刊，曾多次就中国资本市场改革等相关问题接受新华社、人民网等采访。主持国家自然科学基金等多项课题，相关报告被省部级领导采纳，曾荣获北京市优秀毕业论文指导教师、全国优秀金融硕士教学案例、中国金融学术年会最佳论文、中国决策科学学术年会优秀论文、欧洲金融管理学年会当季最佳论文奖、惠园优秀青年学者等奖项。