第12回研究会

開催日：

2016年12月5日 (月)　17:30-19:00

会場：

丸の内永楽ビルディング18階 首都大学東京 丸の内サテライトキャンパス

報告者：

Prof. Jason Hsu (UCLA Anderson School of Management; Co-founder and Vice Chairman, Research Affiliates; Chairman and CIO, Rayliant Global Advisors)

タイトル：

Things the finance program forgot to tell you: Why are investment professionals paid?

概要Abstract

This presentation piece together the literature on investment manager skill, manager selection and the value of investment advice to create a cohesive narrative on the value created by the investment advisory ecosystem. The research also pulls in results from three recent research papers on the difference between dollar-weighted return and time-weighted return to motivate the claim that manager performance is in fact of little relevance in influencing the ultimate investor outcome. This presentation has been given recently at Morningstar 2017 ETF Conference, NCCU, HKUST and UCLA and is geared toward graduate level students in finance.