主讲人：笪治（美国圣母大学教授）

讲座摘要：Hedge funds can amend their originally reported 13F quarterly holdings using restatements subsequently. We conduct the first systematic analysis of such filings, which are as common as the confidential filings (used by funds to delay holdings disclosure), but affect three times more stocks. We find the restated holdings are associated with significant abnormal returns, suggesting that restatements are often used strategically to hide funds’ trading intention (for both buys and sells). We examine fund and stock characteristics that are related to this strategic choice. We also construct a return gap measure to gauge the value added from such restatements and find it to predict future fund performance. Finally, we show that commonly used databases such as Thomson Reuters do not fully adjust for restatements. While the resulting discrepancy is small in aggregate, it can be large for many funds..

时间：11月17日（星期三），上午9：00-10：30

线上会议：腾讯会议（会议号：546 783 228）

主讲人简介： 笪治教授是美国圣母大学Mendoza商学院教授，GARP认证的金融风险管理人，美国金融协会与西方金融协会的会员；主要研究领域是实证资产定价和投资。曾多次于国际的知名期刊发表多篇论文，例如 Review of Financial Studies、Journal of Financial Economics、Journal of Financial and Quantitative Analysis 等。他的研究成果荣获了Midwest Finance Association Outstanding Paper、William F. Sharpe Award for Scholarship in Financial Research、CICF Best Paper Award 等多个奖项。

主办：中国互联网经济研究院

附件为讲座论文。