演讲人：张叶青（中央财经大学，副教授）

时间：2025年4月22日（周二）12:00-13:00

地点：同济大厦A楼505室

同步#腾讯会议：385833292

会议密码：805943

链接：https://meeting.tencent.com/dm/F3wgr5Aga7NT

摘要：We examine risk-taking behaviors among investors who experienced paper gains during China’s 2007-08 bubble-crash episode, deemed as investors “escaping from death.” Using investor account data from a national brokerage in China, we find that investors who “escaped from death” reduce risk-taking behaviors over the next five years. We exploit plausibly unexpected shocks to investors’ performance during the bubble crash to address the endogeneity inherent in baseline effects analysis. The evidence shows that the change in risk taking is likely attributable to the reference-dependent preferences. However, the effect diminishes over time and investors “escaping from death” do not exhibit a diminished tendency toward risk-taking when confronted with a stock market bubble crash again.

个人简介：张叶青，现任中央财经大学财经研究院副教授、金融研究室主任，中国资产管理研究中心研究员。清华大学经济管理学院金融学博士，密歇根大学（安娜堡分校）罗斯商学院访问学者。主要研究方向包括技术革新与公司金融、机器学习与大数据、劳动经济学与金融等。在Journal of Financial Markets、Economic Development and Cultural Change、《经济研究》、《管理科学学报》、《金融研究》等高水平学术期刊发表多篇论文，主持国家自然科学基金1项，博士后科学基金2项。