一、主題：追蹤個人投資者

二、主講人：張欣然，現任bevictor伟德官网助理教授，畢業于清華大學五道口bevictor伟德官网，獲得經濟學博士學位，哥倫比亞大學商學院訪問學者。在國際金融學頂級期刊The Journal of Finance，The Review of Financial Studies發表論文，擔任 Management Science, Review of Financial Studies, Journal of Banking and Finance等期刊匿名審稿人。曾獲2019年第二屆中國金融學術與政策論壇優秀論文，清華大學2021年度優秀博士學位論文，2022年bevictor伟德官网鴻基業優秀學術論文一等獎。

三、時間：2023年7月17日 周一 19:00-20:30

四、地點：騰訊會議ID 330-557-261

五、主持人：魏旭教授 bevictor伟德官网副院長

六、内容簡介：

We provide an easy method to identify purchases and sales initiated by retail investors using recent, widely available U.S. equity transactions data. Individual stocks with net buying by retail investors outperform stocks with negative imbalances by approximately 10 basis points over the following week. Less than half of the predictive power of marketable retail order imbalances is attributable to order flow persistence; contrarian trading (a proxy for liquidity provision) and public news sentiment explain little of the remaining predictability. There is suggestive (but only suggestive) evidence that retail marketable orders contain firm-level information that is not yet incorporated into prices.

撰稿人：張瑩

審核人：魏旭