Investor Protection and Performance of Mutual Fund Investment
研究投资者保护如何影响共同基金的投资策略和业绩，发现基金倾向于投资投资者保护较好的公司，但高技能基金能从保护较差的公司中获利。
This paper studies the impact of investor protection on the investment strategy and performance of mutual funds from the characteristics of their holdings.Since investor protection affects firms' profitability and information observed by investors,and thus fund managers prefer to invest in the stocks with better investor protection. We empirically find that the data of stock holdings by mutual funds supports the above conclusion.In particular,for the funds with higher skill,they can earn more profit from investing in the firms with worse investor protection.