嘉宾简介

郭书剑，2023年12月入职于澳门新葡平台网址8883网站，先后获得美国加州大学圣地亚哥分校应用数学和经济学双学士、哥伦比大学金融数学硕士、德克萨斯大学达拉斯分校金融学博士学位。主要研究领域是机构投资、公募基金、养老基金、文本分析和行为金融学。

讲座摘要

I show that online social media affects how mutual fund managers construct their portfolios and how investors make decisions across funds. By analyzing the tweets of Donald J. Trump, the 45th president of the United States, I find that funds following Trump’s recommendations at industry level attract extra flows and generate superior performance. Significant effects are observed only during Trump’s presidency and only for positive sentiment tweets. I present evidence that investors’ political preference, their sophistication level, the fund manager’s age and the size of the fund management, all affect fund level response to Trump’s tweets. I also discover that Trump’s tweets have the most impact on politically-sensitive industries including guns, energies, and utilities. This study sheds light on how active fund managers utilize information from online social media for their portfolio decisions, and suggests that investment decisions are highly affected by investor’s characteristics.