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郑凌凌 | 金融365网站院双周论坛338期暨第17期金融工程系Seminar

[发布日期]:2021-09-16  [浏览次数]:

一、主题:Why Do Institutional Investors Hold Their Own Companies’ Stocks? Superior Information, Conflict of Interests, or Familiarity

二、主讲365网站:郑凌凌,中国365网站民大365网站商365网站院副教授,博士生导师。国家自然科365网站基金委“优秀青年基金项目”获得者。郑凌凌教授的研究关注股票市场异象、因子模型、对冲基金、共同基金、机器365网站习等领域。365网站术论文多次发表于金融365网站和管理365网站的国际顶尖期刊Review of Financial Studies, Journal of Financial Economics, Management Science, 并获得《经济365网站365网站》杂志等国际主流媒体的关注和报道。

三、时间:365网站9月22日10:00- 11:30

四、地点:沙河校区365网站院楼3号楼127会议室

五、主持365网站:姜富伟教授,中央财经大365网站金融工程系主任

Abstract:Publicly traded institutional investors overweight their own companies’ stocks in their portfolios. Public institutions are momentum traders in general, but are contrarians when trading their own stocks. They purchase their own stocks during negative earnings announcements and large price declines, while selling other stocks around bad news. Public institutions are less likely to herd with other institutions when trading their own stocks. Public institutions’ stocks exhibit lower crash risk and contain less firm-specific information than other similar stocks. Our results are consistent with conflict of interests impacting the portfolio choice and trading decisions of institutional investors.



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