一、时间：4月17日（周三）下午14：30-17：00
二、题目及主讲人
序 | 讲座题目 | 主讲人 | 时间 |
1 | Belief dispersion in the Chinese stock market and fund flows | 姚钟玮 | 14：30-15：45 |
2 | The Information Content of Tone Dispersion: Evidence from Earnings Conference Call Q&As | 张玉新 | 15：45-17：00 |
三、主持人：罗德明、刘起贵
四、地点：电竞博彩
214室
五、讲座内容简介
题目1：
This study explores how Chinese mutual fund managers' degrees of disagreement (DOD) on stock market returns affect investor capital allocation decisions using a novel text-based measure of expectations in fund disclosures. In the time series, the DOD negatively predicts market returns. Cross-sectional results show that investors correctly perceive the DOD as an overpricing signal and discount fund performance accordingly. Flow-performance sensitivity (FPS) is diminished during high dispersion periods. The effect is stronger for outperforming funds and funds with substantial investments in bubble and high-beta stocks, but weaker for skilled funds. We also discuss financial sophistication of investors and provide evidence that our results are not contingent upon such sophistication.
题目2：
Verbal features of a text matter for its information content. We quantify a text's verbal features along two distinct dimensions: tone level and tone dispersion. We employ the FinBERT model to textually analyze question-and-answer (Q&A) sessions of earnings conference calls and measure tone level and tone dispersion. We find share prices respond more sensitively to earnings news accompanied with highly tone-dispersed Q&A sessions, and these Q&A sessions are associated with larger stock trading volume upon earnings announcements. These results hold after controlling for investor attention proxies. Overall, our findings suggest that conference calls with higher tone dispersion produce a greater quantity of incremental information beyond cold financial gures, thus resulting in enhanced price impacts and heightened trading volume. Additional analyses verify this information production hypothesis.
六、讲座人简介
姚钟玮，2023 年毕业于浙江大学，获得金融学博士学位，现为浙江财经大学金融学院讲师。主要从事共同基金、机构投资者、实证公司金融和实证资产定价相关研究。研究成果发表在Journal of Corporate Finance, Pacific-Basin Finance Journal上。
张玉新博士现任宁波诺丁汉大学金融学院副教授，2017年获得伦敦帝国理工金融学博士学位。此前获得了芝加哥大学统计学硕士学位、澳洲国立大学精算研究硕士学位和电子科技大学应用数学学士学位。张玉新博士的研究领域主要包括家庭金融、养老金融和金融科技。他的文章在Journal of Financial and Quantitative Analysis, Management Science和Journal of Banking and Finance等国际学术期刊上发表过多篇论文。
