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本期主题
The Strategic Timing of Mutual Fund Portfolio Disclosures
时 间：2026年4月14日（Tue.）
10:30 - 12:00 a.m.
地 点：同德楼111
主 讲：Jiaxing Tian（CUHK-Shenzhen）
研讨要点
Using novel data on the exact timing of portfolio disclosure from Morningstar, we explore the strategic motivations behind the voluntary disclosure of mutual fund portfolio holdings. We document a disclosure strategy that is distinct from window dressing. Some mutual funds time their disclosures by initiating additional portfolio reports when their holdings have performed well recently. Managers speed up disclosure when they have more favorable portfolio performance. Such strategic timing behavior is concentrated among mutual funds with twin institutional vehicles and is associated with higher subsequent investment flows.
主讲简介
Jiaxing Tian received his Ph.D. degree in Finance from the London School of Economics and Political Science (LSE). Before that, he earned his Master's degree in Economics from Renmin University of China and his Bachelor's degree in Mathematics from Southwestern University of Finance and Economics. Jiaxing's research focuses on Pensions, Insurance, and Mutual Funds, and he mainly studies investor behaviors and the roles of financial intermediaries in these areas.
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