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讲座:Priming and Stock Preferences: Evidence from IPO Lotteries

发布者:金融系    发布时间:2020-09-11

题 目:Priming and Stock Preferences: Evidence from IPO Lotteries

嘉 宾:胡聪慧  副教授  北京师范大学经济与工商管理学院金融系

人:张然  助理教授  上海交通大学安泰经济与管理学院金融系

时 间:2020916日(周三)14:30-16:00

会议方式:ZOOM  会议(校内师生如需会议号和密码,请于915日中午12点前发送电邮至finance@acem.sjtu.edu.cn获取)

演讲内容:

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.

演讲人简介

胡聪慧,北京师范大学经济与工商管理学院副教授,北京大学光华管理学院金融学博士,武汉大学金融工程专业经济学学士。曾任对外经济贸易大学国际商学院副教授,美国哥伦比亚大学商学院访问学者。研究领域为行为金融、资本市场与公司财务,致力于从投资者行为偏误、市场摩擦等非基本面因素的角度理解资产价格和公司财务政策。近年来,在Journal of Corporate FinanceJournal of Financial MarketsJournal of Banking and Finance、《管理世界》、《金融研究》、《会计研究》、《经济学(季刊)》等国内外期刊上发表论文十余篇。主持国家自然科学基金项目两项、作为核心成员参与上海证券交易所联合研究计划两项。

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