首都金融论坛197期、论文研讨班第297期: Windfall from Wind: Influence of Expectation and Reference Point on Sentiment

会议主题：Windfall from Wind: Influence of Expectation and Reference Point on Sentiment

主讲人：才静涵，美国斯克兰顿大学

会议时间：2024.6.19 12:30-13:30

会议地点：明辨楼304

【内容提要】

We study reference-dependent preference through changes in investors’ sentiment created by typhoon-related days-off in Hong Kong stock market. Our three empirical findings support predictions from expectation-based reference points. First, sentiment is relative to expectation: The stock market experiences greater gains from a likely day-off because of strong approaching typhoons, compared to weekends and public holidays. Second, not-so-informative good news can be undesirable: The market drops under weak standby typhoon signals. Third, sentiment is based on expectation with path dependency: The market gains more with strengthening signals than fluctuating signals.

【主讲人信息】才静涵，Associate Professor of Finance in the Department of Economics, Finance and International Business, Kania School of Management, University of Scranton. He holds a Ph.D. in economics from Boston College, a Ph.D. in finance from City University of Hong Kong, and a bachelor’s degree in finance from Renmin University of China. Dr. Cai was previously employed by Shenzhen Stock Exchange and by Bank of China.  His research interests include behavioral finance, market microstructure, etc. He has published in Review of Financial Studies, Global Finance Journal, Economics Letters, Finance Research Letters, Journal of Private Equity, Economics Bulletin, etc.