Stakes and Investor Behaviors
主讲人：隋鹏飞（香港中文大学助理教授）
主持老师：（北大经院）王熙
参与老师：（北大经院）王一鸣、刘蕴霆、王法
（北大国发院）黄卓、张俊妮、孙振庭
（北大新结构）胡博
时间：2023年12月15日（周五） 10:00-11:30
地点（线下）： 北京大学经济学院107会议室
报告摘要：
We examine how stakes affect investor behaviors. In our unique setting, investors trade stocks in real accounts using their own money and simultaneously in a simulated setting. Our real-world within-investor estimation shows that investors exhibit stronger biases and perform worse in higher-stakes real accounts than in lower-stakes simulated accounts. Investors exhibit strong biases in both types of accounts, and biases in the two are strongly positively correlated. Such behavioral consistency suggests that low-stakes experiments are informative about real-world behaviors. Using two additional account-level datasets, we provide external validity by documenting a stronger disposition effect on positions with greater portfolio weight.
主讲人简介：
隋鹏飞博士现为香港中文大学（深圳）金融系助理教授。他于2018年在加利福尼亚理工学院获得社会科学（经济学）博士学位。其研究领域涉及行为金融学、资产定价、中国资本市场及金融科技。他的研究成果主要发表于Journal of Financial Economics等金融学顶级期刊，并荣获包括中国金融学术年会在内的多个会议的最佳论文奖。其文章多次在NBER Summer Institute, AFA, CICF,CFRC等国际会议上展示。
