题目：Mutual Fund Preference for Pure-Play Firms

　　报告人：Mark H. Liu, Associate Professor of Finance, University of Kentucky

　　时间：2017年12月21日(周四) 10：00 ～ 11：30

　　地点：经管院B228

　　报告摘要如下：

　　We find that actively managed mutual funds have a preference for pure-play firms over conglomerates, measured by the fraction of shares outstanding held by these funds. We test two competing hypotheses. The information asymmetry hypothesis posits that mutual funds are better at producing and processing information than other investors, hence they prefer pure-plays firms because of greater information asymmetry. The industry expertise hypothesis posits that mutual funds are industry experts. By holding pure-play firms, they can invest 100% of their money in the industry in which they have expertise, whereas investing in conglomerates will dilute their investments. Evidence supports the industry expertise hypothesis: Mutual funds prefer stocks of firms that operate in fewer industries and firms with greater industry beta; further, our results are more pronounced among mutual funds with greater industry expertise. After conglomerating mergers and acquisitions (M&As), mutual fund ownership decreases, especially if the degree of sales concentration across segments drops after the M&As.

　　报告人简介：

　　Mark H. Liu现为肯塔基大学金融学副教授。1994年获武汉大学国际经济学学士，1998年获西安大略大学经济学硕士，2004年获波士顿学院金融学博士学位。他的研究兴趣在于公司金融(IPOs, Mergers & Acquisitions, Corporate Governance, Financial Analysts, Dividend Policy, and Corporate Restructuring)。在Journal of Financial Economics, Journal of Financial and Quantitative, Journal of Corporate Finance, Review of Corporate Finance Studies, Journal of Banking and Finance等杂志上发表论文多篇。