文澜金融论坛（第354期）

摘要：

We study portfolio selections and returns of mutual funds with distinct mandates but common managers. We develop a simple model where managers acquire information on a limited investment universe, from which they select stocks for different funds. The model is tested on a sample of co-managed non-ESG and ESG funds. Consistent with our model, non-ESG funds select more and better-performing high ESG stocks when co-managed with an ESG sibling, and co-managed ESG funds select better-performing low ESG stocks. Finally, ESG funds outperform their non-ESG siblings, despite being constrained by ESG mandates. Managers’ favoritism to ESG funds partly explains this outperformance.

主讲人介绍：

向昊天，现为北京大学光华管理学院金融学系副教授、博士生导师。他于2014年获得北京大学光华管理学院经济学学士学位（金融学专业），于2019年获得美国宾夕法尼亚大学沃顿商学院金融学博士学位。他的主要研究方向为债务风险、金融监管、ESG投资、加密货币，研究成果发表于Journal of Financial Economics、Journal of Monetary Economics、Management Science、Journal of Economic Theory、《金融研究》、《经济学》（季刊）等国内外一流学术期刊，并于权威学术会议宣讲并获奖。他讲授本硕博多门课程，获得北京大学教学优秀奖，获评北京大学优秀班主任。他担任北京大学国家高新技术产业开发区发展战略研究院副院长。