美联储-有形之手：专业资产经理的期望与中国股市（英）-2022.12

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# 经济 # 基金经理 # 股市大小：1.06M | 页数：52 | 上架时间：2022-12-29 | 语言：英文

美联储-有形之手：专业资产经理的期望与中国股市（英）-2022.12.pdf

美联储-有形之手：专业资产经理的期望与中国股市（英）-2022.12.pdf

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类型: 专题

上传者: wpxc666666

撰写机构: 美联储

出版日期: 2022-12-29

摘要：

We study how professional fund managers’ growth expectations affect t he a ctions they

take with respect to equity investment and in turn the effects on p rices. Using novel data

on China’s mutual fund managers’ growth expectations, we show that pessimistic managers

decrease equity allocations and shift away from more-cyclical stocks. We identify a

strong short-run causal effect of growth expectations on stock returns, despite statisticallysignificant

d elays i n p rice d iscovery f rom s hort-sale c onstraints. F inally, we fi nd th at an

earnings-based measure of price informativeness is increasing in fund investment.

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