SPEAKER：冯绪 教授，天津大学

TIME/DATE：2024年9月10日（周二）12:00-13:00

CLASSROOM：同济大厦A楼505室

TENCENT：774586081

PW：696585

LINK：https://meeting.tencent.com/dm/MvisfP1VNZQu

ABSTRACT：

This paper examines the effect of initial investment experience on subsequent investment decisions. Using a large representative sample of Chinese retail equity investors and their trading records from a large broker, we find that people tend to favor the first stock they ever purchased, regardless of whether it was a loss or a profit at the first time. This first stock bias is associated with more amount and times of being bought in the subsequent investment decision-making process and is not wealth enhancing. Moreover, we also document this effect exists in a relatively long term and the first impression effect spillover to the same industry but in a short term. Overall, our findings contribute to the literature on experience effects. We demonstrate that the experience especially initial experience in the stock market influences retail investors’ investment decision-making.

GUEST BIO：

冯绪，天津大学管理与经济学部教授，入选国家级青年人才计划。研究方向为行为金融，金融文本分析，人工智能与金融。在Journal of Management Information Systems、Journal of Money, Credit and Banking、《管理科学学报》、《管理世界》等国内外期刊发表论文50余篇。担任《管理科学学报(英文版)》协调编辑、Finance Research Letters副主编。担任中国系统工程学会青年工作委员会副主任委员、中国系统工程学会金融系统工程委员会副秘书长等职务。