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Are Politically Sensitive Hedge Fund Managers Better?

来源:湖南大学经济与管理研究中心 日期:2018-06-19 作者:

间:June 20th (Wednesday), 12:30-14:00PM


点:Room 213, Shuishang Teaching Building


题:Are Politically Sensitive Hedge Fund Managers Better?


主讲人: Honghui Chen

Professor, University of Central Florida, Orlando, FL


要:This paper uses political sensitivity of hedge fund managers to identify managerial skill. On average, hedge fund managers trade in anticipation of Presidential election outcomes and adjust the political sensitivity of their portfolio accordingly. Importantly, managers who adjust their portfolio political sensitivity more successfully generate significantly higher alpha than those who are politically less sensitive. The superior performance of politically-sensitive funds is economically significant and persists for about a year. We also find that funds with greater political sensitivity are more likely to survive. Together, these results suggest that hedge-fund managers who are more responsive to shifts in the political environment are better skilled.

Key words: Hedge funds, political sensitivity, Presidential elections, portfolio adjustments, performance evaluation, managerial skill




报告人简介:

Dr.Chen is Professor of Finance at University of Central Florida. He obtains Ph.D. in Finance and M.S. in Statistics from Virginia Tech and B.S. from Fudan University of China. His research focuses on investments, including market anomalies, short sales and mutual fund performance. His main teaching interests are investments, portfolio management and international finance. He has won a bunch of honors in research, teaching, service and many other fields, such as Research Incentive Award of University of Central Florida. His researches have been published on several academic journals, like Journal of Real Estate Finance and Economics, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Real Estate Economics. He also served as the Associate Editor of Financial Review.



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