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手机验证领28彩金不限id第321期:1月13日张欣然博士
浏览次数: 次  | 发布时间:2021-01-06

手机验证领28彩金不限id第321期:1月13日张欣然博士

本期主题: Heterogeneity in Retail Investors: Evidence from Comprehensive Account-Level Trading and Holding Data

摘要:

Retail investors are heterogeneous, with vast differences in wealth, skills and demographics. Using comprehensive proprietary account-level data on trading and holdings from the Shanghai Stock Exchange from 2016 to 2019, we separate tens of millions of retail investors into five groups by their account sizes as well as other demographic variables, and we examine their trading behavior and return performance in Chinese equities. Retail investors with account sizes less than three million CNY follow momentum trading strategies, and the prices of stocks they buy experience negative returns next day, while the ones they sell experience positive returns. In contrast, retail investors with larger account balances follow contrarian strategies, and they buy and sell stocks in directions consistent with future price movements. In addition, retail investors with smaller account sizes fail to process public news and they incur losses from trading, while retail investors with larger account sizes incorporate public news in their trading and experience trading gains. These patterns are stronger for young male retail investors.

报告人:张欣然 清华大学博士

时间:1月13日(周三) 11:00

地点:明德主楼515交流室

报告人简介:

Xinran Zhang is a PhD Candidate in PBC School of Finance, Tsinghua University. Her research interests are Empirical Asset Pricing, International Financial Markets and Behavior Finance. She received Liu Hongru Award for academic achievement at Tsinghua University.

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