汉青论坛第311期：11月11日郑凌凌副教授


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


摘要：
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 agency conflicts impacting the investment decisions of institutional investors as well as the behavior of asset prices.

报告人：郑凌凌副教授, 中国人民大学商学院
时间：11月11日（周三） 12：15
地点：明德主楼515交流室
诚邀各位老师参加。如果您有兴趣，请于11月11日前回复邮件liu.zhe AT ruc.edu.cn或电话联系，我们将为您预留座位。联系人：刘喆 62510919。

报告人简介：
郑凌凌，中国人民大学商学院财务金融系副教授，帝国理工学院金融学博士、理学硕士。她的研究方向主要有资产定价、对冲基金、共同基金等。她的研究成果已经发表或接受发表在Review of Financial Studies、Journal of Financial Economics、Management Science等国际权威学术期刊上。