一、主講人：Jing Xie，新加坡國立大學博士，香港大學碩士，中國科技大學學士。2014年1月-6月在波士頓大學卡羅爾管理學院訪問交流。研究領域包括證券投資、實證公司金融。

二、主題：Stock-Picking by Mutual Funds: Evidence from Their Trades in Family-Controlled Firms

The paper study how mutual funds invest in public family firms where founding family members retain a significant portion of shares. Mutual fund managers may decide to deviate from a well-diversified portfolio and concentrate their holdings in stocks where fund managers have information advantages. Then explore the relation between portfolio concentration in family firms and performance of actively managed U.S. mutual funds from 2001 to 2010 and find that funds that concentrate their holdings in family firms outperform other funds. Moreover, trading by these concentrated funds prior to family firms’ earnings announcements is highly profitable, consistent with the notion that these funds are better informed. I also find that information advantages of these concentrated funds decrease after the Sarbanes–Oxley Act (SOX) that improves quality and quantity of corporate disclosure.

三、時間：2015年1月21日，星期三上午，9:00-10:00

四、地點：bevictor伟德官网學院南路校區主教學樓913會議室