报告题目:Infectious Disease Outbreaks and Disposition Effect of Mutual Fund Investors
报 告 人:张学勇(中央财经大学金融学院)
报告时间:2022年11月16日 星期三上午10:30
报告地点:腾讯会议:191-691-556
主办单位:威斯尼斯人5845cc国际官网
报告人简介:张学勇,现任中央财经大学金融学院院长,龙马学者特聘教授,金融学院教授、博士生导师,社会科学基金重大项目主持人,黄大年教学团队主要成员,北京市课程思政名师,中国资产管理研究中心主任。中国注册会计师协会会员(CPA),北京市应急委员会金融小组专家。主要研究方向:大数据与金融科技( Fintech) ;公司并购、重组、IPO与价值创造;投资者行为与实证资产定价;量化投资策略构造与数据回测;共同基金与对冲基金的业绩评价、策略分析;私人股权投资基金与风险投资的投资策略与回报渠道。主持国家社会科学基金重大项目1项,国家自然科学基金2项,北京市课程思政示范课1门,中国博士后基金1项,获评全国金融实验教学“智盛奖优秀教师,中央财经大学优秀指导教师,入选教育部新世纪优秀人才培养支持计划。主笔的多篇政策建议研究报告获得部委采纳,在Journal of Corporate Finance, Financial Management, Journal of Economic Dynamics and Control, Journal of Portfolio Management, Journal of Accounting and Public Policy,《经济研究》、《经济学(季刊)》、《管理科学学报》、《金融研究》、《中国工业经济》等重要期刊发表论文多篇,担任国际主流学术期刊Accounting &Finance(SSCI, JCR-2区)副主编( Editor),China Finance Review International编委( Department Editor ),Journal of Banking and Finance、《经济研究》等多个中外学术期刊匿名审稿人。
内容摘要:This study examines the impact of the 2003 severe acute respiratory syndrome (SARS) epidemic on individual mutual fund investors’ trading behavior in the post-SARS era. We find that people in areas experiencing severe SARS epidemic exhibit stronger disposition effects after the end of the SARS epidemic, using a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information. We further hypothesize that unsophisticated investors are more vulnerable to the disposition effects. Additional findings show that this mood-regulation-reduced behavior is irrational and related to behavioral biases, which ultimately makes investors worse off. Our results continue to hold across a wide range of robustness checks.