讲座时间：7月19日上午10：00
讲座地点：九里校区零号楼0411室
讲座题目：Cognitive Biases and Asset Prices: Evidence from the Exchange-traded Repo Market in China
讲座内容：IPrior to May 22, 2017, actual daily interest rates of Chinese exchange-traded repos on certain days of the week and on trading days prior to market-closed holidays exhibited remarkable seasonalities. On May 22, 2017, the exchanges changed the way in which rates were displayed such that investors need no longer infer actual repo maturities. Thereafter, the seasonalities disappeared. We interpret the seasonalities and their disappearance as being due to investors employing an ease-of-processing heuristic that was not required after May 22, 2017. An implication is that a cognitive bias on the part of investors caused the seasonalities in asset prices.
主讲人简介：Dr. Baixiao Liu, 佛罗里达州立大学商学院金融学副教授(终身教职)。研究工作发表在Journal of Financial Economics，Management Science等顶级期刊。He has a PhD in finance from Krannert School of Management at Purdue University in 2012 and an MBA from Krannert in 2008. In 2006, he graduated with a Bachelor of Science in Electronic Engineering from the University of Electronic Science and Technology of China. His research interests include financial media, short selling, and mergers & acquisitions.
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