喻园管理论坛2023年第108期(总第931期)
演讲主题: A comprehensive performance evaluation of active equity mutual funds in China
主 讲 人：颜 诚，埃塞克斯大学长聘副教授
主 持 人: 薛明皋，计算金融系主任、教授
活动时间: 2023年12月26日（周二）16:00-17:30
活动地点: 管院大楼107室
主讲人简介：
曾在Durham University任助理教授，目前在University of Essex 任长聘副教授，兼任卡斯商学院新兴市场集团研究员等职务。他的研究领域主要包括资产定价，公司金融，能源与环境经济学等，已经在Management Science, Journal of Finance, Journal of Corporate Finance, Journal of Travel Research, Journal of Empirical Finance, Journal of International Money and Finance等中英文期刊上发表70多篇学术论文。多次获得最佳论文奖，担任International Journal of Finance and Economics, Emerging markets Finance and Trade，Frontiers in Psychology, China Finance Review International等国际期刊副主编(或特刊主编,或编委会成员)，国内外几十个学术期刊审稿人，主持美国纽约大学斯特恩商学院和印度国家股票交易所全球公开招标研究项目，国际管理咨询协会全球公开招标研究项目（两项），英国高等教育委员会研究基金等多项课题。
活动简介：
We examine the performance of actively managed Chinese mutual Funds over the period 2002-2020. Using the bootstrap-based false discovery technique, we find that 19.25\% of Chinese actively managed mutual funds produce positive-alpha, which contrasts with existing studies documented by others in developed markets. Our findings survive a battery of robustness tests. Unlike in developed markets, equilibrium accounting may not hold in China as the Chinese stock market is dominated by retail investors instead of mutual funds, and thus the mutual funds in China can be more skilled at the expense of the retail investors. We find supportive evidence of the applicability of the bootstrap-based false discovery rate method by conducting simulations.
