喻园管理论坛2024年第23期(总第955期)

演讲主题: The Morning After: Late-night TV Shows and the Stock Market

主 讲 人: 王庆伟，英国卡迪夫商学院金融学讲座教授

主 持 人: 甘   煦，计算金融系讲师

活动时间: 2024年4月2日（周二）9:00-10:30

活动地点: 管院大楼107室

主讲人简介：

王庆伟，英国卡迪夫商学院金融学讲座教授。曾任班戈商学院助理教授，欧洲经济研究中心（德国）研究员, 并参与过德意志银行、德国联邦经济和劳工部以及德国科学基金会的研究项目。王庆伟教授现为卡迪夫大学中国商业研究中心主任、卡迪夫金融科技研究中心联合主任，British Accounting Review编委, European Journal of Finance, Finance Research Letters副主编，以及European Journal of Finance “金融科技和金融市场”特刊的客座主编。他曾在许多期刊上发表文章，包括Journal of International Business Studies, Journal of Empirical Finance, European Financial Management, and International Journal of Forecasting. 王庆伟教授的主要研究方向为金融科技，行为金融，投资决策，可持续金融。

活动简介：

Watching late-night TV shows has become prevalent and causes significant sleep loss. We examine how it affects financial markets. We find that market returns significantly decline on days following the release of popular late-night TV shows. The effect is stronger when stocks have larger market capitalisation, higher price, higher institutional ownership, and when market uncertainty is high. Our results suggest that sleep-deprived investors, who are mentally fatigued, are less willing to make buying decisions that require greater cognitive effort. Instead, they make more heuristic selling decisions that cause a decline in stock returns. These effects are unaccompanied by any change in trading activity of retail or institutional investors.