一、主題：Mutual funds’ exits, financial crisis and Darwin

二、主講人：張悅，英國巴斯大學管理學院博士生，獲得國家留學基金委博士生全額獎學金。在bevictor伟德官网獲得經濟學學士學位。她的研究領域是公募基金、機構投資者、資産配置以及市政資産定價等。目前主要研究的主題是公募基金退出機制、資産配置以及基金公司治理。

三、時間：2018年5月8日（周二），12:30-13:30

四、地點：學院南路校區主教學樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

摘要：It is well-recognized in the literature that performance and external environment are strong determinants of divestitures. This paper provides a theoretical justification in support of the thesis that the role of performance in determining divestitures declines during a market crash. The empirical analysis of the performance of over 19,000 U.S. mutual funds in the 2000–2014 period strongly supports the existence of the negative exit-performance relationship outside the period of the global financial crisis 2008, and shows that this relationship did not hold during the crisis. Such distortion to the role of performance in divestiture decision-making shows yet another impact global financial crisis 2008 has had on businesses and markets, and raises questions about ethical behavior of the asset management industry.