时间：2018年7月3日（周二）12:00-13:00

地点：同济大厦A楼505室

主讲人:许嘉捷（Boston College，金融博士，钟宁桦教授合作者）

题目：Trading Restriction as a Channel of Financial Contagion—Evidence from China’s Stock Market

语言：中文

摘要：

China’s stock market imposes various trading restrictions such as daily price limits and trading suspension rules, which are intended to stabilize the market during turmoil. This paper examines how trading restrictions, including price limits and trading suspension induced contagion during the 2015 China stock market crash. Using daily stock-level data, we find these trading restrictions made many highly valued stocks non-tradable and consequently caused mutual funds facing redemption pressure or with precautious concerns to sell other tradable stocks, exacerbating their price drops and volume decreases.