一、主題：Why Do Institutional Investors Hold Their Own Companies’ Stocks? Superior Information, Conflict of Interests, or Familiarity

二、主講人：鄭淩淩，中國人民大學商學院副教授，博士生導師。國家自然科學基金委“優秀青年基金項目”獲得者。鄭淩淩教授的研究關注股票市場異象、因子模型、對沖基金、共同基金、機器學習等領域。學術論文多次發表于金融學和管理學的國際頂尖期刊Review of Financial Studies, Journal of Financial Economics, Management Science, 并獲得《經濟學人》雜志等國際主流媒體的關注和報道。

三、時間：2021年9月22日10:00- 11:30

四、地點：沙河校區學院樓3号樓127會議室

五、主持人：姜富偉教授，bevictor伟德官网金融工程系主任

Abstract:Publicly traded institutional investors overweight their own companies’ stocks in their portfolios. Public institutions are momentum traders in general, but are contrarians when trading their own stocks. They purchase their own stocks during negative earnings announcements and large price declines, while selling other stocks around bad news. Public institutions are less likely to herd with other institutions when trading their own stocks. Public institutions’ stocks exhibit lower crash risk and contain less firm-specific information than other similar stocks. Our results are consistent with conflict of interests impacting the portfolio choice and trading decisions of institutional investors.