Stop-loss early termination clause and hedge fund performance
（止损平仓线与私募基金业绩）
主讲人：
王志斌，8797威尼斯老品牌金融系博士生，研究方向为共同基金，私募基金和货币经济学。研究成果发表在SSCI期刊《Pacific-Basin Finance Journal》、《International Review of Economics and Finance》，并在China International Risk Forum等国际金融会议上宣读论文。同时担任《Finance Research Letters》匿名审稿人。
题目：
Stop-loss early termination clause and hedge fund performance（止损平仓线与私募基金业绩）
时间：
2022年9月27日周二
12:00-13:30
地点：
8797威尼斯老品牌302会议室
摘要：his paper is the first to empirically examine the incidence, determinants, and consequences of the stop-loss early termination clauses (SLCs) in the hedge fund industry. The SLCs force hedge funds to be terminated when their cumulative losses breach certain thresholds. We find 14% of hedge funds in China have SLCs. Fund management companies with higher previous performance and risks are more likely to establish funds with SLCs. And funds with SLCs generate higher future performance. Further, funds become more risk-averse when they approach to the termination thresholds, especially for large funds. We attribute the better performance of funds with SLCs to better manager skills and prompt terminations of bad performing funds.
供稿单位：8797威尼斯老品牌金融系
供稿人：孟令超
