时   间：2022年7月27日（周三）  08:30-10:30

2022年7月28日（周四）  08:30-10:30 

方   式：腾讯会议（直播链接见下）

演讲人：Zhi Da  Professor  University of Notre Dame

主持人：张然  助理教授  上海交通大学安泰经济与管理学院

议   程：

• 2022年7月27日（周三）  08:30-10:30

Lecture 1: Investor Attention in Financial Markets

直播链接：https://meeting.tencent.com/l/ICz9rJyez17l

• 2022年7月28日（周四）  08:30-10:30

Lecture 2: Trading and Investments in Financial Markets

直播链接：https://meeting.tencent.com/l/W9N3mfmf1jTs

参考文献：

文献一：Fractional Trading

Fractional trading (FT)——the ability to trade less than a full share——allows low-budget retail investors to trade high-priced stocks. This paper quantifies FT’s impact on retail ownership and trading of high-priced stocks by exploiting its sequential introduction at four brokerage firms since November 2019. While small individually, fractional trades can work collectively to generate price pressures and reversals among high-priced stocks if coordinated during attention-grabbing events (such as being featured in Robinhood’s Top Mover list or stock split announcements). Post-FT, stock splits depend less on nominal share prices but generate more transitory, positive price pressures that facilitate insider selling.

文献二：Do Hedge Funds Strategically Misreport Their Holdings? Evidence from 13F Restatements

Hedge funds can subsequently amend their originally reported 13F quarterly holdings using restatements. We conduct the first systematic analysis of such filings, which are as common as confidential filings (used by funds to delay holdings disclosures), but affect three times as many stocks. Restated holdings are associated with significant abnormal returns, suggesting that some original holdings are strategically misreported to hide funds’ trading intentions. We construct a return gap measure to gauge the value added by such restatements and find that it predicts future fund performance. Finally, commonly used databases such as Thomson Reuters do not fully adjust for restatements.

嘉宾介绍：

Zhi Da

Howard J. and Geraldine F. Korth Chair in Finance, Professor of Finance at the Mendoza College of Business at University of Notre Dame

Zhi Da is Howard J. and Geraldine F. Korth Chair in Finance, Professor of Finance. He is associate Editor for Journal of Finance, Journal of Financial and Quantitative Analysis, Management Science, Critical Finance Review, Journal of Banking and Finance, International Review of Finance and Pacific-Basin Finance Journal. His works have been published on various journals such as Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. Zhi Da has won numerous awards, including CIRF/CFRI – Global Association of Risk Professionals Research Award (with Yong Chen and Dayong Huang), Midwest Finance Association Outstanding Paper(with Xing Huang and Lawrence Jin) .He holds the membership in Chartered Financial Analyst (CFA), Global Association of Risk Professionals (GARP) Certified Financial Risk Manager and American Finance Association & Western Finance Association.