主题：Investors’ Risk-taking Behaviors after “Escaping from Death”
主讲人：张学勇 中央财经大学
主持人：蒋海 88858cc永利官网
时间：2024年11月2日（周六）上午10:30-12:00
地点：88858cc永利官网石牌校区88858cc永利官网大楼（中惠楼）102室
摘要
We examine risk-taking behaviors among investors who experienced paper gainsduring China's 2007-08 bubble-crash episode, deemed as investors “escaping fromdeath.Using investor account data from a national brokerage in China, we findthat investors who “escaped from death” reduce risk-taking behaviors over thenext five years. We exploit plausibly unexpected shocks to investors’perfor-mances during the bubble crash to address the endogeneity inherent in baseline effects analysis. We explore potential mechanisms and identify reference-dependentpreferences as the most supported mechanism. Investors “escaping from death'do not exhibit a diminished tendency toward risk-taking when confronted with astock market bubble crash again.
主讲人简介
中央财经大学金融学院院长，国家级人才项目入选者，二级教授，龙马学者特聘教授、博士生导师，国家社科基金重大项目主持人，黄大年教学团队主要成员，北京市青年教学名师，北京市优秀研究生指导教师，北京市课程思政名师，科技部、教育部“科技金融与经济高质量发展”基地负责人。
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校对| 马艺丹
责编| 彭 毅
初审| 陈 鹏
终审发布| 何凌云
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