报告题目：Infectious disease outbreaks and disposition effect of mutual fund investors

报 告 人：张学勇

时    间：2022年10月12日15:00-17:00

腾讯会议号：262-464-424

报告人简介：

张学勇，现任中央财经大学金融学院院长，龙马学者特聘教授、博士生导师，黄大年教学团队主要成员，北京市课程思政名师，中国资产管理研究中心主任，中国注册会计师协会会员（CPA），北京市应急委员会金融小组专家。

张学勇教授的研究领域包括大数据与金融科技（Fintech）；公司并购、重组、IPO与价值创造等方向。张学勇教授主持国家社会科学基金重大项目等多项国家级课题，主笔的多篇政策建议研究报告获得部委采纳，研究成果发表在Journal of Corporate Finance，Financial Management，Journal of Economic Dynamics and Control，Journal of Portfolio Management, Journal of Accounting and Public Policy,《经济研究》、《经济学（季刊）》、《金融研究》、《中国工业经济》等期刊，担任国际主流学术期刊Accounting & Finance副主编（Editor），China Finance Review International 编委（Department Editor）等。

摘要：

This paper examines the impact of 2003 severe acute respiratory syndrome (SARS) epidemic on individual mutual fund investors’ trading behavior. Using a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information, we find that individuals in areas experiencing extreme SARS pandemic exhibit stronger disposition effect. We also empirically suggest that this mood-regulation-reduced behavior is irrational and related to behavioral bias, which finally makes investors worse off. Further findings highlight that this pneumonia epidemic makes unsophisticated investors more susceptible to the disposition effect. Our results continue to hold across a wide range of robustness checks.

赌博平台

2022年10月9日