清華五道口金融學(xué)院張弘副教授作了一場(chǎng)題為全球信托基金行業(yè)的講座，在職研究生講座的主要內(nèi)容是：

　　我們假設(shè)信任起著影響全球共同基金業(yè)的積極性和有效性具有重要作用。根據(jù)經(jīng)驗(yàn)，信任是積極與國(guó)內(nèi)資金的積極性有關(guān)，而對(duì)于國(guó)腳共同基金進(jìn)行跨境投資的積極性是低信任國(guó)家的信任邊界。在這兩種情況下，信托相關(guān)股活躍提供了卓越的性能，雖然經(jīng)濟(jì)規(guī)模是跨境投資較大(每年大約2%)。我們的研究結(jié)果表明，信任，包括信托基金經(jīng)理和信托在投資市場(chǎng)上，作為一個(gè)重要組成部分，以金融中介的發(fā)展和全球投資效率。

　　張弘，清華五道口金融學(xué)院昆吾九鼎講座副教授，耶魯大學(xué)金融學(xué)博士。研究領(lǐng)域包括:市場(chǎng)機(jī)制(如經(jīng)濟(jì)制度，做空，全球化競(jìng)爭(zhēng)，指數(shù)化貨幣)和資金差異(如熱錢和正常資金)如何影響公司/基金的激勵(lì)機(jī)制和市場(chǎng)表現(xiàn)。他的研究成果發(fā)表在《金融研究評(píng)論》(Review of Financial Studies)，《金融經(jīng)濟(jì)期刊》(Journal of Financial Economics), 《金融與數(shù)量分析雜志》(Journal of Financial and Quantitative Analysis) 和《金融評(píng)論》(Review of Finance) 等全球首屈一指的金融期刊上。他的最新論文《看不見的做空之手》在2013年中國(guó)金融年會(huì)、亞洲金融年會(huì)、和加拿大北美金融協(xié)會(huì)年會(huì)上分別獲得最佳論文獎(jiǎng)。

　　原文：We hypothesize that trust plays an important role in affecting the activeness and effectiveness of the global mutual fund industry. Empirically, trust is positively associated with the activeness of domestic funds, whereas for internationals mutual funds conducting cross-border investments activeness is bounded by the trust of low-trust countries. In both cases, trust-related active share delivers superior performance, although the economic magnitude is larger for cross-border investments (around 2% per year). Our results suggest that trust, including both trust in fund managers and trust in the market of investment, acts as an important building block to the development of financial intermediaries and the efficiency of global investment.