Date: 14 Oct 2021 (Thu)
Monthly Webinar Series 2021:
Capital Market Development: China and Asia
10:00 am – 11:10 am, Thursday (Beijing-Singapore Time)
10:00 pm, Wednesday (US Time / Eastern Time)
Using trading and holdings data from the Shanghai Stock Exchange from 2016 to 2019, the authors examine retail investor’s trading behaviors in Chinese stock market. The authors separate tens of millions of retail investors into five groups by their account sizes and document strong heterogeneity in their trading dynamics and performances. Retail investors with smaller account sizes pursue momentum trading strategies, buy future losers while sell future winners, fail to process public news. In sharp contrast, retail investors with larger account balances follow contrarian strategies, buy and sell stocks in directions consistent with future price movements, incorporate public news in their trading. These patterns are stronger for young male retail investors.
Xiaoyan ZHANG, Xinyuan Professor of Finance, Associate Dean, PBC School of Finance, Tsinghua University and Senior Fellow of ABFER
Charles M. JONES, Robert W. Lear Professor of Finance and Economics, Columbia University
Donghui SHI, Professor of Finance (Practice-Track) at Fanhai International School of Finance, Fudan University
Xinran ZHANG, Assistant Professor at Central University of Finance and Economics
Terrance ODEAN, Rudd Family Foundation Professor of Finance, Haas School of Business, University of California, Berkeley
Each session lasts for 1 hour 10 minutes (25 minutes for the author, 25 minutes for the discussant and 20 minutes for participants' Q&A). Sessions will be recorded and posted on ABFER's web, except in cases where speakers or discussants request us not to.
Please register in http://abfer.org/events/abfer-events/212:webinarseries2021reg. A unique Zoom webinar link will be sent to you two days before the event. (Notice: Videos and screenshots will be taken during each session for the purpose of marketing, publicity purposes in print, electronic and social media)
Zhiguo HE, Jun PAN, Michael SONG, Bernard YEUNG, Bohui ZHANG, Xiaoyan ZHANG (co-chaired by Zhiguo HE and Bernard YEUNG)
ABFER and University of Chicago's Becker Friedman Institute China (BFI-China)
National University of Singapore (NUS) Business School, Shanghai Advanced Institute of Finance (SAIF), The Chinese University of Hong Kong (CUHK) Department of Economics, CUHK-Shenzhen and Tsinghua University PBC School of Finance (Tsinghua PBCSF)