主题：Name
Complexity, Cognitive Fluency, and Asset Prices（名称复杂性、认知流畅性和资产价格）
主讲人：朱宁，上海交通大学上海高级金融德州扑克大小
金融学教授
日期：2015年12月8日（周二）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼102教室
语言：英文
摘要：
We document three interesting phenomena in Chinese stock market related to
the complexity of stock tickers: Companies with more complex stock tickers are
(1) held by fewer investors; (2) witness lower turnovers; and (3) experience
lower post-IPO returns. Change-in-change analysis based on ticker change events
generates consistent results.
Such results are strong among companies with higher
level of individual investor ownership and stronger information asymmetry. Our findings
confirm and extend Green and Jame (2013) and support that cognitive fluency and
name recognition influence investor behavior and asset prices.
主讲人简介:
Ning Zhu is the Deputy Dean,
Co-director of the DBA/EMBA/EE prgrams and a Professor of Finance at
Shanghai Advanced Institute of Finance (SAIF), a faculty fellow at the Yale
University International Center for Finance, and a Special-Term Professor of
Finance at University of California, Davis and at Guanghua School of Management,
Peking University. Professor
Zhu is an expert on behavioral finance, investments, corporate finance, and the
Asian financial markets. He has published numerous articles in leading journals
in the finance, economics, management and legal fields, including Journal
of Finance, Review of Financial Studies, Management Science, Journal of Legal
Studies, etc. Professor Zhu has also written
or co-authored several books, which are well-cited by financial industry.
