一、主题：Mutual funds’ exits, financial crisis and Darwin

二、主讲人：张悦，英国巴斯大学管理学院博士生，获得国家留学基金委博士生全额奖学金。在中央财经大学金融学院获得经济学学士学位。她的研究领域是公募基金、机构投资者、资产配置以及市政资产定价等。目前主要研究的主题是公募基金退出机制、资产配置以及基金公司治理。

三、时间：2018年5月8日（周二），12:30-13:30

四、地点：学院南路校区主教学楼913会议室

五、主持人：黄志刚，中央财经大学金融学院副教授

摘要：It is well-recognized in the literature that performance and external environment are strong determinants of divestitures. This paper provides a theoretical justification in support of the thesis that the role of performance in determining divestitures declines during a market crash. The empirical analysis of the performance of over 19,000 U.S. mutual funds in the 2000–2014 period strongly supports the existence of the negative exit-performance relationship outside the period of the global financial crisis 2008, and shows that this relationship did not hold during the crisis. Such distortion to the role of performance in divestiture decision-making shows yet another impact global financial crisis 2008 has had on businesses and markets, and raises questions about ethical behavior of the asset management industry.