题　目：The Cost of Being Close: Fund-Broker Relationships and Information Acquisition

嘉　宾：丁婧 副教授 同济大学

主持人：万相伟 副教授 上海交通大学安泰经济与管理学院

时　间：2026年5月13日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰浩然楼306

内容简介:

Nearly all corporate site visits attended by mutual fund managers are conducted jointly with brokerage firms. We study how fund-broker relationships shape the informativeness of these visits. While site visits are informative on average, their incremental informativeness declines sharply with relationship strength, reflected in weaker trading responses and lower subsequent trading profits. Instrumenting relationship strength with geographic proximity and local social interaction culture yields similar results. The negative effect of relational closeness is strongest for firms with greater information asymmetry and for funds with more severe agency problems. Around a 2023 reform introducing per-broker commission caps, this pattern does not materially weaken. Together, the evidence is consistent with a relational distortion mechanism, in which entrenched relationships weaken incentives for costly information production.

演讲人简介：

丁婧，同济大学经济与管理学院副教授。清华大学经管学院金融学博士，多伦多大学、圣路易斯华盛顿大学访问学者。主要研究领域包括公募基金、市场微观结构、房地产等。主持国家自然科学基金青年项目。在AER:Insights、Management Science、Journal of Financial Quantitative Analysis、《管理科学学报》等权威期刊发表多篇论文。

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