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管理学院管理学与经济学系列前沿讲座之二八五讲公司财务与金融投资学术讲座第一一二讲

文章来源:公司金融与财务决策研究团队     浏览次数:625     发布时间: 2017年6月28日
管理学院管理学与经济学系列前沿讲座之二八五讲
公司财务与金融投资学术讲座第一一二讲
讲座题目:Country Herding in the Global Market
主讲嘉宾:Toro Chen(Assistant Professor, Open University of Hong Kong)
讲座时间:2017年7月7日15:00-16:30
讲座地点:管理学院善思堂M301
主 持 人:李广众教授
主办单位:公司金融与财务决策研究团队

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主讲嘉宾简介: Dr. Toro Chen is currently the Assistant Professor at the Lee Shau Kee School of Business and Administration, Open University of Hong Kong. Prior to his appointment to OUHK, he received his PhD from the City University of Hong Kong. His current research interests include behavioral finance, market microstructure, corporate governance, and asset pricing. His work was published in the refereed journals such as Journal of Behavioral Finance, Review of Quantitative Finance and Accounting, Contemporary Economic Policy, The World Economy, China Economic Review, and Emerging Markets Review.

学术报告摘要:Using tick-by-tick transaction data for 41 stock markets, this paper studies whether investors follow each other into and out of the same countries. We find empirical evidence to support the presence of country herding in the global market regardless of retail and institutional investors. Additional tests suggest that country herding is a combination of informed herding and uninformed herding where uninformed herding roughly contributes twice as much as informed herding. Our results also indicate that informed herding is primarily motivated by correlated signals, while style investing and reputational effects contributes to uninformed herding.
  

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