Humboldt-Universität zu Berlin - Finance Group

Conference 2013


Recent Advances in Mutual Fund Research

School of Business and Economics, Humboldt University


On August 26-27, 2013, the Institute of Corporate Finance (HU) and Strategic Management and Finance (Ulm) hosted a two-day conference at Humboldt University on recent advances in mutual fund research. In total 10 papers were presented followed by lively discussions. The conference attracted an international audience of over 40 participants mainly from North America, but also from Asia and Europe. The conference was sponsored by the collaborative research centers SFB-TR15 "Governance and the Efficiency of Economic Systems" and SFB649 "Economic Risk", and the Society for Economics and Management at the Humboldt University Berlin (WWG).






Conference Program



Monday, August 26, 2013


8:15 – 8:30

Welcome address


Fund Performance

8:30 – 9:30

Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

Youchang Wu (Wisconsin), Russ Wermers (Maryland),
Josef Zechner (WU)

Discussant: Scott Yonker (Indiana)

9:30 – 10:30

Labor Market Conditions and Productivity: Evidence from Mutual Fund Managers

Clemens Sialm (Texas), Mandy Tham (NTU)

Discussant: Pedro Matos (Virginia)

10:30 – 11:00

Coffee break

11:00 – 12:00

Learning by Doing: The Value of Experience and the Origins of Skill for Mutual Fund Managers
Elisabeth Kempf (Tilburg), Alberto Manconi (Tilburg),
Oliver Spalt (Tilburg)

Discussant: Rüdiger Fahlenbrach

12:00 – 13:30

Lunch: Cum Laude


Performance – Flow Relationship

13:30 – 14:30

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers
Darwin Choi (HKUST), Bige Kahraman (Stockholm), Abhiroop Mukherjee (HKUST)

Discussant: Youchang Wu (Wisconsin)

14:30 – 15:30

Co-Insurance in Mutual Fund Families
Luis Goncalves-Pinto (NUS), Breno Schmidt (Emory)

Discussant: Guillermo Baquero (ESMT)

15:30 – 16:00

Coffee break


Institutional Factors

16:00 – 17:00

It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

Veronika Pool (Indiana), Clemens Sialm (Texas),
Irina Stefanescu (Indiana)

Discussant: Javier Gil-Bazo (Pompeu Fabra)

17:00 – 18:00

The Role of Product and Firm Characteristics in the Outsourcing Decision of the Multiproduct Firm: Evidence from Subcontracting in the Mutual Fund Industry

Peter Debaere (Virginia), Richard Evans (Virginia)

Discussant: Marcin Kacperczyk (NYU)


Dinner: Restaurant Käfer (Deutscher Bundestag)


Tuesday, August 27, 2013



Effects of Mutual Funds Behavior

9:00 – 10:00

Deception and Managerial Structure: A Joint Study of Portfolio Pumping and Window Dressing Practices
Saurin Patel (McGill), Sergei Sarkissian (McGill)

Discussant: Abhiroop Mukherjee (HKUST)

10:00 – 10:30

Coffee break

10:30 – 11:30

Commonality in Liquidity: A Demand-Side Explanation
Andrew Koch (Pittsburgh), Stefan Ruenzi (Mannheim),
Laura Starks (Texas)

Discussant: Joseph Chen (UC Davis)

11:30 – 12:30

Fire-Sales and Information Advantage: When Bank-Affiliation Helps

Massimo Massa (INSEAD), Lei Zhang (NTU)

Discussant: Andre Guettler (Ulm)

12:30 – 14:00

Lunch: Cum Laude





Conference organizers:

Tim Adam (HU)

André Güttler (Ulm University)


The conference is sponsored by:


                         Rudolf v. Bennigsen-Foerder                                          Stiftung für Wissenschaft und Bildung

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