时间：2020年12月29日（周二）12:00-13:00

地点：同济大厦A楼506室

题目：Trading Instrument, Attention-grabbing Effect and Stock Returns

主讲人：李晨辰（上海交通大学安泰经管学院）

摘要：

Based on the rapid popularity of mobile terminal trading in China stock market, this article discusses the influence of this trend on investors’ behavior and the related investment performance. Our study shows: (1) Mobile terminal investors, especially mobile individual investors which dominates the mobile trading activity, significantly net purchase attention-grabbing stocks. (2) Relatively to fixed terminal investors, optimistic bias exhibited by mobile terminal investors can negatively and significantly predict future stock prices. Such negative predictability is more predominant among the attention-grabbing stocks. (3) Mobile terminal investors perform worse than fixed terminal investors, even over the short or medium horizon. Our results indicate that the upgrade of trading instrument does not effectively reduce the investors’ heterogeneity and thus the attention-driven behavior of mobile traders potentially lowers their investment performance.

主讲人简介：

李晨辰，上海交通大学安泰经管学院金融系博士研究生。研究方向为实证资产定价，金融衍生产品。目前已经以第一作者身份在Journal of Futures Markets, Accounting and Finance等金融学SSCI期刊发表论文，另有多篇工作论文获得国内外重要期刊的修改邀请。博士期间，参与三项国家自科/社科项目，并获得FSERM（2018）优秀论文奖。