| 讲座简介： | Using a unique dataset on communication between mutual funds and listed firms in China, we investigate whether mutual funds can obtain private information or benefit from communications with firms. We find that: 1) Communication affects subsequent trades of mutual funds; 2) Trades of
mutual funds which rely on communications significantly predict unexpected earnings and firm performance, which is further supported by regressions that use the number of direct flights between two cities as instrument; 3) The information advantage mainly comes from the ability of
information interpretation; and 4) Investor attention and information environment exhibit significant marginal effects on communications. |
