主讲人：南京审计学院金融学院特聘教授 郑登元
主持人：金融学院副院长 周铭山副教授
时 间：2015年4月10日（周五）上午10：00
地 点：金融学科实验楼317学术报告厅
主办单位：大金融学术研究沙龙、金融学院、科研处
主讲人简介：
郑登元教授目前担任南京审计学院金融学院的特聘教授，郑教授的学术论文曾发表在如Journal of Empirical Finance, Journal of Futures Markets等国际财务金融类知名期刊及其他SSCI期刊、EI、Econlit等。多次赴美国、欧洲、亚洲等国参加高水平知名国际财务金融会议,如FMA国际财务学会,亚洲财务学会。
除学术经历,郑教授也曾在台湾的上市银行、上市全球性企业及科技公司任职。
讲座内容：
We propose a pair of straightforward and easy-to-implement measures of trading discipline based on the principle that discipline can be achieved by steadfastly losing small and winning big. Applying them to the trade-by-trade transactions of futures traders, we validate the efficacy of these measures by first demonstrating their positive linkage to profitability. Between the two measures, our results suggest that the discipline in cutting losses appears to be more important than the discipline in ridding gains in explaining the profitability of the traders. We then show the consequential effect on profitability for lack of consistency among retail traders in discipline between periods. Comparing retail traders with varying levels of experience, we further show that more experienced traders are more disciplined. Finally, we demonstrate that sophisticated institutional traders, especially foreign institutions, exhibit stronger discipline than retail traders.
