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ResearchΒΆ

πŸ“„ PublicationsΒΆ

Bubble-crash experience and investment styles of mutual fund managers. Journal of Corporate Finance, 2022, 76, 102262 (with Deming Luo and Yanjian Zhu).

Chinese mutual fund managers who experienced a stock market crash are more value-oriented in their portfolios.

Economic policy uncertainty and mutual fund risk shifting. Pacific-Basin Finance Journal, 2023, 77, 101921 (with Deming Luo and Sainan Jiang).

Mutual fund managers increase risk-shifting activities when uncertainty rises.

πŸ“ Working PapersΒΆ

In circulationΒΆ

"Belief dispersion in the Chinese stock market and fund flows", with Yue Fang and Deming Luo.

We construct a text-based degree of disagreement (DOD) about stock market performance among fund managers using deep learning models. In the time series, the DOD negatively predicts market returns. In the cross section, fund investors correctly perceive the DOD as an overpricing signal and discount fund performance accordingly. Flow-performance sensitivity is diminished during high dispersion periods.

In progressΒΆ

  1. "Stock market expectations and mutual fund performance", with Yue Fang and Deming Luo.
  2. "Retail investors and mutual fund investment styles", with Yue Fang and Deming Luo.
  3. "Default risk, external governance, and stock price crash risk", with Huaigang Long, Cuixia Tao, and Yanjian Zhu.