主题｜Topic：Lottery-like Features and Mutual Fund Flow-Performance Relationship（共同基金的彩票特征及其资金流-回报关系）
时间｜Time：4月8号（周日）｜April 8 (Sunday),2：00 - 5：00 PM
地点｜Venue：文波208｜208，WENBO
主讲｜Speaker
程华老师本科毕业于北京大学，研究生毕业于美国密苏里大学，博士毕业于美国德克萨斯大学，现为南开大学金融学院助理教授。他的主要研究方向为公司金融、银行和公共经济学等。目前已经在Emerging Markets Review，Pacific Economic Review等国际学术期刊发表文章，并有多篇工作论文正在进行中。
研究领域｜Research Interests
公司金融、银行、公共经济学
Corporate finance, Banking, Public Economics
摘要｜Abstract
We investigate the role of lottery-like features in explaining mutual fund flow-performance sensitivity. A strong substitution effect between past performance and lottery-like features appear. That is, if a fund has low past performance but with salient lottery-like features, then investors still pursue this fund. Double sorting by past performance and lottery-like features also shows that funds with very low and very high past performance have a stronger substitution effect, and flow-performance sensitivity is stronger when lottery-like features are salient. Our results hold when using various measures of past performance and both maximum and skewness of past performance as measures of lottery-like features. This type of gambling clienteles could motivate fund managers to pursue more risk in exchange of more salient lottery-like features.
