Waseda Organizational and Financial Economics Seminar:
“Lazy Investors, Lazy Fund Managers, Lousy Performance: Culture and Mutual Fund Management” (7/31)
講演者 / Speaker
Aneel KESWANI （Reader in Finance, Cass Business School, City, University of London, UK）
日 時 / Date & Time
2017年7月31日（月）13:00～14:30
会 場 / Venue
早稲田大学 早稲田キャンパス 11号館 11階 1109教室
主 旨 / Outline
“Lazy Investors, Lazy Fund Managers, Lousy Performance: Culture and Mutual Fund Management”
We use a comprehensive dataset of equity mutual funds covering 25 countries to study the effects of country-level culture on mutual fund management.
Culture contributes to differences in the flow-performance and flow-fee sensitivities of fund investors across countries.
Through its effect on flow-performance sensitivity, culture has an economically significant impact on fund manager effort, risk taking and fund performance.
In cases where culture raises the sensitivity of flows to fees, the level of fees charged is significantly lower.
If culture boosts the performance of active management then this significantly increases the fraction of assets that are actively managed in the fund industry.
Overall, our study provides evidence that culture influences the most important aspects of fund industry conduct.
プログラム / Schedule
13：00 開会の挨拶（宮島 英昭 早稲田大学 高等研究所長 ／ 商学学術院 教授）
13：05 講演
14：05 質疑応答
14：25 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・研究者・教職員 等
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
