Xiaomeng Lu

Shanghai Advanced Institute of Finance
Shanghai Jiao Tong University
Datong Plaza, 211 West Huaihai Road, Shanghai
P.R.China, 200030

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: SAIF at Shanghai Jiao Tong University

NBER Working Papers and Publications

December 2019FinTech Platforms and Mutual Fund Distribution
with Claire Yurong Hong, Jun Pan: w26576
This paper studies the economic impact of the emergence of FinTech platforms on financial intermediation. In China, platform distributions of mutual funds emerged in 2012 and grew quickly into a formidable presence. Utilizing the staggered fund entrance onto platforms, we find markedly increased flow sensitivities to performance. Akin to the winner-take-all phenomenon in the platform economy, net flow captured by top 10% performing funds more than triples its pre-platform level. This pattern of platform-induced performance chasing is further confirmed using private data from Howbuy, a top platform in China. Consistent with this added incentive of becoming top performers in the era of large-scale platforms, fund managers increase risk taking to enhance the probability of becoming top perfor...
September 2017Anomalies Abroad: Beyond Data Mining
with Robert F. Stambaugh, Yu Yuan: w23809
A pre-specified set of nine prominent U.S. equity return anomalies produce significant alphas in Canada, France, Germany, Japan, and the U.K. All of the anomalies are consistently significant across these five countries, whose developed stock markets afford the most extensive data. The anomalies remain significant even in a test that assumes their true alphas equal zero in the U.S. Consistent with the view that anomalies reflect mispricing, idiosyncratic volatility exhibits a strong negative relation to return among stocks that the anomalies collectively identify as overpriced, similar to results in the U.S.

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