理悦CEMA·知与行系列研讨会:Public Attention,Private Attention and Mutual Funds’Global Allocation

主题：Public Attention, Private Attention and Mutual Funds’ Global Allocation 报告人：李溦，上海财经大学商学院副教授 摘要：Using micro-level data on mutual funds’ global portfolios, we investigate how a fund’s investment in a destination country is affected by public attention, measured by Google search volume. We show that (i) more public attention from a fund’s registration country to its destination country significantly increases the fund’s portfolio allocation in that country; (ii) more public attention from a third country to its destination country drives out the fund’s portfolio allocation in this country; (iii) the effects of public attention are stronger if the fund adopts an index-based passive strategy, takes no leverage, invests in value or small-cap stocks, or if the destination country has higher public information intensity. We provide a model to explain these findings, in which higher public attention improves the precision of fund managers’ prior beliefs, and encourages them to allocate more private attention and investment to the destination country. 报告人简介：李溦，上海财经大学商学院副教授，博士生导师。研究领域包括宏观经济学和国际金融。目前的研究课题包括战略性消费-投资组合决策，信息摩擦条件下的资产定价理论与国际经济波动等。她的文章发表于经济学顶尖期刊Journal of Economic Dynamics and Control和Journal of International Money and Finance。 时间：2024年11月21日（周四）上午8：30-10:00 地点：中央财经大学学院南路校区学术会堂506会议室 主办单位：创新发展学院中国经济与管理研究院