主 题：【CHLR应用微观讲座】 Mutual Funds' Reputation for Information Superiority

主讲人：翁翕

摘 要：We study effects of mutual funds' reputation for information superiority. Funds endoge-nously invest in

reputations by acquiring information, so they don't have exogenous types.A star rating equilibrium exists in which investors' beliefs are consistent with a discrete rat-ing system. In an equilibrium, uninformed funds within a rating group acquire informationless as they are ranked higher, leading to an "intra-group catch-up" effect. Cross rating groups, however, funds' incentives jump. Rational investors may merely rely on ratings topick funds. We relates funds' activeness to their past and future performance, and providesrational explanations to empirical observations about Morningstar Ratings.

关于翁翕: 北京大学光华管理学院应用经济系, 助理教授

时 间：2015年11月11日星期三13:30-14:50

地 点：学术会堂南楼608室

主办单位：人力资本与劳动经济研究中心

[编辑]：孙颖