時間：2018年8月24日上午10:00
地點：主樓216
題目: Two Research Projects on Mutual Funds
內容介紹： In the first project, we analyze whether state ownership, private ownership and foreign ownership of mutual fund management firms in China affect funds’ performance in the initial public offering (IPO) market. We group mutual funds by the ultimate owners of their fund management firms and investigate the stock-picking skills of different mutual fund groups in Chinese IPO market. Overall, mutual funds have skills in picking the prospectus IPO firms. Mutual funds managed by non-state-controlled fund management firms have better stock-picking skills than those managed by state-controlled fund management firms. Surprisingly, foreign ownership does not bring any significant edges to either state-controlled or non-state-controlled fund management firms. In the second project, we conduct a cross-country study on the influence of exogenous trust in the sustainable investing behaviour of mutual funds, which we measure using a holding based composite environmental, social and governance (ESG) fund score. We find evidence that exogenous trust is a vital force underpinning the sustainable investing behaviour of funds. Funds operating in high trust countries, express a strong tendency to invest sustainably. This finding is robust after controlling for the country sustainability level and its interaction with exogenous trust. However, trust and country sustainability level seem to substitute each-other in fostering mutual funds’ sustainable investing behaviour. In addition, large funds managed in high trust environments exhibit higher sustainable investing behaviour.
主講人介紹： Mingzhu Wang is an associate professor from King’s Business School, King’s College London. She obtained her PhD in Accounting and Finance from Alliance Manchester Business School, University of Manchester. She is interested in conducting empirical research on institutional investors, corporate social responsibility, corporate governance and financial reporting quality. She has published in leading international journals like Journal of Corporate Finance, Journal of Accounting and Public Policy, European Journal of Finance, Journal of Business Ethics and Corporate Governance: an International Review amongst others. Her publication in Journal of Accounting and Public Policy is certified by the journal editors as Top 5 highly cited paper in 2014-2016 and is now still one of the most cited articles published in this journal. Since 2017, she has been acting as the deputy PhD program director and coordinator of King’s Business School.
（承辦：會計系、科研與學術交流中心）
