报告题目：Retail Investor Trading
报告人：韩兴 高级讲师
邀请人：高雅 副教授
报告时间及地点：2026年9月16日 10：00-11：30 经济管理学院B312
报告人简况：
Dr. Xing Han’s research revolves around empirical asset pricing, behavioral finance, financial innovation, and sustainability. His research work has appeared in peer-reviewed finance and economics journals such as Critical Finance Review, Review of Asset Pricing Studies, Financial Management, Financial Review, Journal of Empirical Finance, and Journal of Economic Dynamics and Control.
Dr. Xing Han has been the recipient of multiple external and internal research grants and awards. Over the years, his research works have been presented extensively at international academic conferences, including annual meetings of the European Finance Association (EFA), the Financial Management Association International (FMA), the European Financial Management Association (EFMA), the Royal Economics Society (RES), the German Finance Association (DGF), and the New Zealand Finance Meeting (NZFM).
Personal website (https://sites.google.com/view/xinghan) for recent working papers, data, and etc.
Qualifications:
B.Econ (Fudan), MSc (Maastricht), M.Fin (Antwerp), PhD (Ghent), CFA
报告内容摘要：
The seminar presentation is based on a synthesis of two working papers on retail investor trading patterns in the United States and China, respectively. In one study, we show that gambling preferences of investors distort their information processing activities and slow down information diffusion. Consequently, opinion divergence between retail investors and arbitrageurs increases following earnings announcements, generating short-term predictable patterns in the United States. In the other study, we address how private money creation that caters to retail investors’ safety demand can exert a disproportionate impact on stock returns. This explains why the long-short strategies that buy non-speculative stocks and sell speculative stocks display predictable patterns in China.
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