Information Diffusion among International Fund Managers: Multicountry Evidence
研究国际股票基金经理是否模仿彼此的持仓，发现同国经理持仓更相似，国内经理的关联交易是主因，跨境经理行为也影响国内经理，模仿和差异化策略都能带来短期超额收益。
Investors seeking exposure to global equity markets commonly buy international mutual funds managed by locally based fund managers. How competitive is this form of intermediated investing? We investigate whether international equity fund managers mimic each other's portfolio holdings and analyze the performance implications of these actions. Managers based in the same country have more stocks held in common than those of their peers in other countries. Correlated trading among domestic fund managers contributes significantly to this pattern. Cross‐border managers' portfolio holdings and trades are also relevant to the actions of domestic managers. Stock selection strategies based on mimicry and differentiation both deliver short‐term superior performance. Mimicked sales occur while prices are rising.