Lu
Zheng
Associate Professor of
Finance
Ph.D., Yale University
The Paul Merage School
of Business University of California, Irvine Irvine, CA 92697-3125 Telephone: (949) 824-8365
Email:
luzheng@uci.edu |
|
mutual fund performance and
structure
trading behavior of individual
and institutional investors in mutual funds and stocks
the welfare effect of the
strategies of mutual funds and fund families
“Unobesrved Actions of Mutual Funds," 2006, with Marcin T. Kacperczyk and Clemens Sialm, The Review of Financial Studies, forthcoming.
"Tax-loss Selling and the January Effect: Evidence from Municipal Bond Closed-End Funds," 2006, with Laura T. Starks and Li Yong, The Journal of Finance, 61 (6), 3049-3067.
"Industry Concentration and Mutual Fund Performance," 2007, with Marcin T. Kacperczyk and Clemens Sialm, The Journal of Investment Management, 5 (1).
“Are Investors Moonstruck? – Lunar Phases
and Stock Returns,” 2006, with Kathy Yuan and Qiaoqiao Zhu,
The Journal of Empirical Finance,
13, 1-23.
“On the Industry Concentration of Actively Managed Equity Mutual Funds,” 2005, with Marcin Kacperczyk and Clemens Sialm, The Journal of Finance 60 (4), 1983-2011.
“Out of Sight, Out of Mind: The
Effects of Expenses on Mutual Fund Flows," 2005, with Brad Barber and Terry Odean,
The Journal of Business 78 (6),
2095-2120.
“Family Values and the Star Phenomenon:
Strategies of Mutual Fund Families,”
2004, with Vikram Nanda and Jay Wang,
The Review of Financial Studies
17 (3), 667-698.
“Institutional
Trading and Stock Returns," 2004, with Fang Cai,
Finance Research Letters
1 (3), 178-189.
“Is Money Smart? – A Study of
Mutual Fund Investors’ Fund Selection Ability,” 1999,
The Journal of Finance
54 (3), 901 – 933.
"The ABCs of Mutual Funds: On the
Introduction of Multiple Share Classes," 2005, with Vikram Nanda and Jay
Wang, presented at the 2005 AFA meetings.
"Investor
Flows and Stock Market Returns," 2006,
with Brian Boyer, presented at the 2003 AFA meetings.
"The Frequency of Mutual Fund Portfolio Disclosure," 2006, with Weili Ge.
“Side-by-Side Management of Hedge Funds and Mutual Funds," 2006, with Tom Nohel and Zhi Wang.
Clippings from the Financial
Press about My Research
"Conflicts in Side-by-Side Management: Mutual Funds Suffer When Managers Also Run Hedge Funds," Money Management Executive, 19 March, 2007.
“Side By Side Surprise,” Institutional Investor Magazine, February 7, 2007.
"Got Conflicts?," Registered Rep, February 1, 2007.
"Dual Fund Management Can Pose Conflict,"
Bloomberg.com, November 27, 2006.
“Is Your Fund Manager Two-Timing You? -- As Hedge and Mutual Funds Increasingly
Share Overseers, Critics
Fret About Small Investors," Wall Street Journal, November 1, 2006.
"It Pays to Know Your Fund Manager -- And It's Easier than It Used To Be," The Wall Street Journal Asia, October 16, 2006.
“Your Fund
Manager's Secrets: Many New Facts Are Available On the People Who Pick Stocks;
Making the Best
Use of It All,” Wall Street Journal, October 14, 2006.
“A New Way to Gauge Mutual Funds: Study M easures Performance Against Past Holdings To Calculate 'Return Gap'.” Wall Street Journal, March 22, 2006.
"Is Your Manager Earnings His Keep? One Way to Tell is to Use the Fund's Old Portfolio as a Benchmark.” Business Week, March 20, 2006.
“Strategies: A Fund vs. Its Former Self,” The New York Times, January 8, 2006.
“Know What You're Getting When You Buy a Load Fund,” The Associated Press, August 2, 2005.
“Multiple Fund Share Classes Hurt Returns,” CBS MarketWatch, July 31, 2005.
“Don’t
Count Growth: Down And Out,”
Investor’s Business Daily,
February 10, 2005
“(Rich)
man in the moon,”
The Jerusalem Post,
November 19, 2004
“Study:
Managers try to create ‘star funds’: Luck, not business acumen, is leading
factor, author says,”
Ann Arbor News,
May 24, 2004; story also appeared in other Booth newspapers
“Star-Strangled,”
The Evening Standard,
May 18, 2004
“Broken
bonds of trust in banks,”
The Evening Standard,
May 18, 2004
“Star
Mutual Funds 1,”
Michigan Radio, May 10,
2004
“Why
hot mutual funds don’t always stay hot,”
Chicago Sun-Times, May
10, 2004
“A
Week’s Worth,”
Christian Science Monitor,
May 10, 2004
“Briefing:
Be wary of ‘star’ funds, U-M study says”
Ann Arbor News, May 6,
2004
"Stock-Picking
Takes Concentration,”
TheStreet.com,
April 26, 2004
"Study
debunks diversity dogma: Portfolio Concentration,”
Financial Times, April
19, 2004
“Strategies: Diversify! Diversify! Well, Not So Fast,” New York Times, April 11, 2004.
“Despite
funds study results, most investors aren’t stupid,”
Charleston Gazette,
April 4, 2004
“Maybe
Investors Aren’t Stupid After All: Oft-Cited Study Is Revised,”
Wall Street Journal,
March 31, 2004
“Above
all else, focus: a concentrated fund manager carefully selects about 30 stocks
for his basket . . .” Institutional Investor, March 1, 2004
"Money:
Managing Your Money: Outing the Other Scandal,"
The Sunday Oregonian,
December 21, 2003
"Focused
Funds Go Further With Fewer Diversify Or Worsify: Holding more securities . . ."
Investors' Business Daily,
November 25, 2003
"Fund Track," Wall Street Journal Abstracts, November 25, 2003.
“Skilled Fund Managers Don’t Diversify Says Study.” Financial Planning Magazine, November 26, 2003.
"Money
Still Pours Into Stock Funds . . ."
The Wall Street Journal Online,
November 26, 2003
“Watch
Out for Expenses,”
Michigan Radio, April
21, 2003
“Pay
attention to expenses of mutual funds …,”
Treasure Coast Business Journal,
May 1, 2003
“Mutual
Funds Change Monikers, But Not Holdings…,”
The Wall Street Journal,
March 14, 2003
“Investors
advised to beware gold fever,”
Chicago Sun-Times,
March 17, 2003
NPR, Market Place, March 19, 2002.
"Moonstruck stock investors find another reason to howl," Financial Times, January 10, 2002.
"Celestial investing: What a little moonlight can do," Economist, October 20th , 2001.
Business Week, October 23, 2000.
TheStreet.com, June 19,
1999.