主 题：Do Internet Finance Platforms Mitigate Conflicts of Interest? The Case of Mutual Fund Investment
时 间：2019年4月24日（周三）10:00-11:30
地 点：浙江大学玉泉校区经济学院236会议室
主讲人：杨春柳 复旦泛海国际金融学院金融学助理教授
主持人：骆兴国 浙江大学经济学院副教授
主办方：浙江大学工程师学院互联网金融分院
浙江大学经济学院
协办方：浙江大学资产管理研究中心
浙江大学金融研究院
主讲人简介：
杨春柳，复旦泛海国际金融学院金融学助理教授。法国欧洲工商管理学院（INSEAD）博士毕业。主要研究领域为资产定价，公募基金，投资者行为等。
Abstract:
Using proprietary individual investor level trading data from a large mutual fund family in China, we investigate whether financial intermediaries (banks) encourage investors to overtrade in order to obtain more fee income, and whether internet finance platforms help to mitigate the conflict-of-interest problem. The existing literature finds it challenging to rule out the possibility that high-fee intermediaries may justify the extra expense by providing unobserved services. We overcome this challenge by tracking the trading behavior of the same investors (“switchers”) who switch from high-fee trading platforms with account advisors to low-fee platforms without advisors. We find that switchers’ turnover becomes lower after the switch in spite of the lower transaction costs. This is especially true for female investors or investors with a low net worth who are likely more susceptible to intermediaries’ influence. We conclude that online platforms help to mitigate conflicts of interest.