講座時(shí)間：7月19日上午10：00

講座地點(diǎn)：九里校區(qū)零號樓0411室

講座題目：Cognitive Biases and Asset Prices: Evidence from the Exchange-traded Repo Market in China

講座內(nèi)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.

主講人簡介：Dr. Baixiao Liu,佛羅里達(dá)州立大學(xué)商學(xué)院金融學(xué)副教授(終身教職)。研究工作發(fā)表在Journal of Financial Economics，Management Science等頂級期刊。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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