报告题目：Beauty Contests around News Releases

报 告 人：Tarun Chordia（Emory University）

报告时间：2023年4月18日（周二）9:00-11:00 

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【报告人简介】

Professor Tarun Chordia received his PhD in finance from the Anderson Graduate School of Management, UCLA, in 1993. He was an Assistant Professor of Finance at the Owen Graduate School of Management, Vanderbilt University from 1993. He joined the Goizueta Business School at Emory University in 2000. Prior to his doctoral studies, he worked for Citibank as a relationship and credit manager in the Financial Institutions Group.

Professor Chordia’s research is grounded in both theory and empirical methods and spans a diverse area of financial economics. He has published extensively in the top finance journals and has received numerous awards and grants for his research on empirical asset pricing and market microstructure. He is the former managing editor of the Journal of Financial Markets and a past associate editor of Review of Financial Studies. Professor Chordia has been on the program committee for a number of conferences. He has presented at many conferences and has served as a referee for numerous journals.

【内容摘要】

This paper examines the impact of beauty contest driven higher order beliefs on stock returns upon news releases. Consistent with higher order beliefs, in the short-term, overpriced stocks become less overpriced on days with low sentiment news, but they become much more overpriced when high sentiment news is released. The asymmetric impact of high and low sentiment news in overpriced stocks and the lack of an impact on underpriced stocks is driven by more positive news being released in recent years, investors paying more attention to overpriced stocks, and short sale constraints.

撰稿：赵鹏辉  审核：史永东  单位：bet365中国备用网址