2020年12月1日学术报告通知

发布时间:2020-11-30

【内容摘要】Using a unique dataset of fund inflow gates in China, we explore for the first time discretionary  inflow restrictions in mutual funds. We show that funds imposing inflow gates on investors  substantially expand their retail investor base and increase future fund flows, though they do not earn a higher future return. In addition, funds implement a more aggressive investment strategy when the gate is in place. Further, we document that discretionary inflow restrictions do alter the flow-performance sensitivity in mutual funds. Overall, contrary to managers’‘investor protection’ claim, our findings suggest that fund inflow gates appear to be scarcity marketing.