| 报告题目 | Emerging Stars and Developed Neighbours: The Effects of Geography, Development Imbalance and Political Shocks on Mutual Fund Investments in China | ||
| 报告人（单位） | Shu Lin Department of Accounting, School of Business, Nanjing University | ||
| 点评人（单位） | 陈洪涛东大 | 点评人（单位） | 丁胜红东大 |
| 时间地点 | 11月25日下午2:00九龙湖经济管理学院B201会议室 | ||
| 报告内容摘要 | | ||
| This paper examines the influence of regional economic development on mutual funds investment decisions. Using Chinese mutual fund holdings between 2003 and 2008, we find that Chinese mutual funds collectively domicile in the developed coastal region but they prefer to overweight stocks from neighbouring inland areas as they have the ability to select “star” firms from the inland region. However, when they invest in firms from the coastal region, they present a clear local bias. Hence, the proximity preferences of savvy institutional investors are dominated by fundamental concerns in the presence of regional development imbalances within China but within areas that share similar levels of development, mutual funds have a clear preference for proximate firms and this is robust to changes in the political climate. Furthermore, we find that national government interventions encourage fund managers to make more rational decisions while regional political shocks such as changes in local government administration can significantly increase firm level investment bias. | |||