一、主題：Priming and Stock Preferences: Evidence from IPO Lotteries
二、主講人：胡聰慧，北京師範大學經濟與工商管理學院副教授，北京大學光華管理學院金融學博士。曾任對外經濟貿易大學國際商學院副教授、美國哥倫比亞大學商學院訪問學者。研究領域為行為金融、資本市場與公司财務，緻力于從投資者行為偏誤、市場摩擦等非基本面因素的角度理解資産價格和公司财務政策。近年來，在Journal of Corporate Finance、Journal of Financial Markets、Journal of Banking and Finance、《管理世界》、《金融研究》、《會計研究》、《經濟學(季刊)》等國内外期刊上發表論文十餘篇。
三、時間：2020年6月22日星期一，下午14:00-15:30
四、地點：騰訊會議【具體房間臨時通知】
五、主持人：姜富偉教授，金融工程系主任  

Abstract: Existing studies in social psychology have found that priming has pervasive effects, mostly in laboratory settings and over short periods of time. This study investigates the priming effect in the real financial world and over longer periods of time. We hypothesize that successful lottery-like experiences raise investors’ subsequent demand for other lottery-like stocks by increasing the accessibility of tail events. By exploiting the randomized distribution of IPO shares in China as a natural experiment, we find that, compared with matched control investors, the investors who were allocated IPO shares (lottery winners) substantially shift their non-IPO portfolios toward lottery-like stocks over the three months subsequent to the distribution. This effect is more pronounced for investors winning IPO lotteries with lower winning rates or larger issue-price discounts. Moreover, lottery winners experience a decrease in their overall portfolio return by more than 1% within the three months subsequent to the distribution relative to matched control investors, which is largely in proportion to the increases in their subsequent demand for lottery-like stocks. Our findings are not explained by the house money effect or the wealth effect. Overall, our study suggests that lottery-like cues play a critical role in shaping investors’ gambling preferences in stock markets, providing field-based evidence for the long-term priming effect.