汇报1：Business Connections and Informed Trading of Mutual Fund Managers

汇报人：YUE TANG (Emory University)

功夫：2010年3月1日（周一）9:00-10:20am

地址：拉斯维加斯9888新楼217教室

提要：This paper explores the hypothesis that investors gain information advantages through business connections made during prior employment. Using hand-collected data, this study finds mutual fund managers who previously worked as sell-side analysts put significantly more weight on the stocks they previously covered, and those stocks perform significantly better than the other stocks in their portfolio.

Holdings of stocks that the fund managers covered previously outperform their other holdings by 18 percent annually. The abnormal returns are concentrated around earnings announcements and fund managers’ trades of covered stocks predict subsequent earnings surprises. However, the superior performance of covered stocks decreases significantly after the implementation of Regulation-FD, which prohibits selective disclosure by company management. Also, after executive changes at the covered companies, fund managers place less weight on covered stocks, and they no longer earn abnormal returns on them. The results indicate that fund managers may have access to inside information through the business connections they made while working as analysts.

汇报2：Does Consumer Sentiment Drive Investor Sentiment?

汇报人：ZHAN JIANG (STATE UNIVERSITY OF NEW YORK AT BUFFALO)

功夫：2010年3月1日（周一）10:30-11:50am

地址：拉斯维加斯9888新楼217教室

提要：We explore the link between consumer sentiment for corporate brands and investor sentiment for their stocks. Using a unique data set that surveys consumers about their opinions on over 1,200 brands, we find that a portfolio of stocks of companies with the most prestigious brands have large negative loadings on the Fama French HML factor while those with the least prestigious brands have a positive loading. Moreover, the difference between HML loadings for the high versus low prestige firms diminishes as consumers become more familiar with a brand. We interpret this as consistent with glamorous brands leading to glamour stocks, but that this glamour effect is attenuated as people become more familiar (informed) with the brands.