Waseda Organizational and Financial Economics Seminar:
“Lazy Investors, Lazy Fund Managers, Lousy Performance: Culture and Mutual Fund Management” (July 31)
講演者 / Speaker
Aneel KESWANI (Reader in Finance, Cass Business School, City, University of London, UK)
日 時 / Date & Time
Monday, 31 July 2017, 13:00 – 14:30
会 場 / Venue
Rm. 1109 on the 11th floor, Building #11, Waseda University
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 Opening Remarks (Hideaki Miyajima (Waseda University))
13:05 Presentation
14:05 Question-and-answer session
14:25 Concluding Remarks(Hideaki Miyajima (Waseda University))
対 象 / Prospected Audience
Faculty and staff members of a university, grad students, the general publics
主 催 / Organizer
Research Institute of Business Administration,Waseda University
Waseda Institute for Advanced Study,Waseda University
申込み / Registration
Free of charge. Please come to the event venue directly.