[Finance] 청웨이 왕 교수 – 저신용 국가에 대한 투자 : 글로벌 뮤추얼 펀드 산업에서 사회적 신뢰의 역할
- SKKGSB
- Hit1750
- 2020-03-26
Area | Finance | |
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Faculty | Wang, Chengwei | |
Journal | Journal of Financial and Quantitative Analysis | |
Title | 저신용 국가에 대한 투자 : 글로벌 뮤추얼 펀드 산업에서 사회적 신뢰의 역할 |
청웨이 왕 교수의 최근 논문("Investing in Low-trust Countries:On the Role of Social Trust in the Global Mutual Fund Industry")이 금융 분야 최고 학술지 가운데 하나인 ‘Journal of Financial and Quantitative Analysis’에 게재 수락됐습니다. 본 논문의 주요 내용은 다음과 같습니다.
Abstract
We hypothesize that social trust, in mitigating contracting incompleteness, may have an important effect on the activeness and effectiveness of delegated portfolio management. Using a complete sample of worldwide open-end mutual funds, we find that trust is positively associated with the activeness of funds and that trust-related active share delivers superior performance (e.g., approximately 2% per year for cross-border investments).
Moreover, “trust in the market” and “trust in managers” play important yet different roles for different types of cross-border delegated portfolio management. Our results suggest that trust acts as a fundamental building block for delegated portfolio management.
Key words: Trust, International Investments, Mutual Funds, Performance