韩国三级片

时间：2025年11月20日10:00 - 11:30

地点：文成楼504教室

主持人：俞丹蕾 博士

题目：Shaken Markets: How Earthquakes Rattle Investors?

摘要：We use account-level derivatives transaction data to examine investors' trading behavior and profitability on earthquake days. Our research shows that, although both institutional and retail investors reduce their options trading on earthquake days, retail investors, unlike their institutional counterparts, display heightened risk aversion and take more net bearish directional bets in response to such shocks. Retail investors also demonstrate enhanced cross-hedging behavior in the futures and options market on earthquake days. Further analysis reveals that institutional investors experience lower returns on these days, while retail investors incur smaller losses. This divergence occurs because the number of unsophisticated retail investors—who often act as the counterparties to institutions—plummets. Their absence creates a lack of profitable opportunities for institutions, demonstrating how natural disasters distort market participant behavior and profitability.

主讲人简介：

赵静博士在香港大学完成博士学位后，便加入了香港理工大学任职，目前是会计及金融韩国三级片 的副教授，博士生导师。赵静博士的研究兴趣涵盖行为金融、公司治理、环境、社会与治理（ESG）问题，以及金融科技（FinTech）等领域，这些工作受到了《经济学人》、彭博商业周刊和亚洲开发银行等金融行业媒体和社会组织的广泛关注。赵博士的研究揭示了投资者如何利用来自各种来源的信息并做出（次优的）投资决策。她的研究成果发表在《Journal of Finance》、《Review of Financial Studies》和《Management Science》等金融学国际顶尖期刊上。