中文
姚钟玮，现任浙江财经大学盈阳金融科技学院文华百人计划研究员（二类），硕士生导师。2023年获得浙江大学金融学博士学位（硕博连读）。2023年7月至2025年2月任职于浙江财经大学金融学院。主要研究方向为：共同基金、投资者行为和实证公司金融。研究成果发表在Journal of Corporate Finance, Journal of Banking & Finance, Pacific-Basin Finance Journal上。个人学术主页：www.zhongweiyao.com
研究兴趣
研究兴趣
公募基金、投资者行为
发表论文
发表论文
Bubble-crash experience and investment styles of mutual fund managers. Journal of Corporate Finance, 2022, 76, 102262 (with Deming Luo and Yanjian Zhu).
Chinese mutual fund managers who experienced a stock market crash are more value-oriented in their portfolios.
Economic policy uncertainty and mutual fund risk shifting. Pacific-Basin Finance Journal, 2023, 77, 101921 (with Deming Luo and Sainan Jiang).
Mutual fund managers increase risk-shifting activities when uncertainty rises.
Belief dispersion in the Chinese stock market and fund flows. Journal of Banking and Finance, 2024, 166, 107252. (with Yue Fang and Deming Luo).
We construct a noval text-based degree of disagreement (DOD) about stock market performance among fund managers using deep learning models. DOD negatively predicts market returns. Fund investors correctly perceive the DOD as an overpricing signal and discount fund performance accordingly.
Visible hands versus invisible hands: Default risk and stock price crashes in China. Pacific-Basin Finance Journal, 2025, 91, 102715 (with Huaigang Long, Cuixia Tao, and Yanjian Zhu).
Firms with higher default risk have (surprisingly) lower stock price crash risk in China. The negative relation arises from the active involvement of the government before 2014 and creditors after 2014 in corporate governance.
工作论文
工作论文
Extrapolation without bias? Mutual fund expectations and market returns in China. Submitted, 2025 (with Huaigang Long and Adam Zaremba).
Chinese funds form expectations by rationally extrapolating from recent returns and consensus expectations positively predict market returns in the short-term. At the fund level, belief-driven performance hinges on both forecasting skill and execution flexibility.
○ Previously titled as ''Extrapolative expectations and asset returns: Evidence from Chinese mutual funds''
○ 金融发展与金融安全论坛; 第十三届投资学年会; 第十四届金融风险与公司金融国际研讨会(2025FRCFM); 中国青年经济学家联谊会YES年会(2025); 第二十二届中国金融学年会
The more you see, the less you agree: Corporate transparency and disagreement. Submitted, 2025 (with Wenli Huang, Kejia Ma and Mian Wu).
Corporate transparency amplifies disagreement among Chinese mutual funds by discouraging herding and incentivizing private information acquisition.
Making the invisible visible: Attention allocation of mutual funds. Available upon request, 2025, (with Wenli Huang, Linlin Ma, and Xiaoxiao Wang).
Textually active funds optimally reallocate attention toward the most payoff-relevant information—macro in recessions and micro in expansions—to maximize performance.
○ 第八届“大数据、人工智能与金融科技”会议; 2025太湖金融论坛
学术活动
学术活动
在以下会议上宣讲论文（§代表本人宣讲）：
2025：金融发展与金融安全论坛§（浙江工商大学，1月），第十三届投资学年会§（浙江工商大学，5月），第十四届金融风险与公司金融国际研讨会§（大连理工大学，7月），中国青年经济学家联谊会YES年会§（内蒙古大学，8月），第八届“大数据、人工智能与金融科技”会议§（中山大学，10月），第二十二届中国金融学年会（南京大学，11月），2025太湖金融论坛§（江南大学，12月）