財金系擬於 6/13(五) 邀請 Prof. 洪碧霞，至本所進行專題演講，相關訊息如下：

時間: 6/13(五) 10:30-12:00

地點: 管理學院一號館4F 405室

演講人: Prof. 洪碧霞

講題: The Role of the Best Fund Awards in Fund Families: Do Fund Families Take the Discrepancy Strategies?

Abstract:

As a response to the growing concern on the star phenomenon and its impact on the behaviors and strategies of the corresponding fund families, this study is the first to use the unique data concerning the “Best Fund Award” in Taiwan to investigate the specific characteristics of award funds, the contributions of these funds to their families, the determinant factors of award winning, and the discrepancy strategies of the award families.

Different from the extant studies, our results show that award funds will not apparently improve their family fees, but flows and performance. We also find that fund performance, flows, past award experience, family size, and family cumulative award ratio are important predictors of a fund’s likelihood of winning the award. As for fund families, family performance, fees, the past award winning history and the number of member funds are good predictors of the award winning. Finally, after award announcements, results show that the fund families do adopt discrepancy strategies of fund performance toward their underlying award funds.