主題：Name Complexity, Cognitive Fluency, and Asset Prices（名稱複雜性、認知流暢性和資産價格）

主講人：朱甯，上海交通大學上海高級金融學院金融學教授

日期：2015年12月8日（周二）

時間：上午10:00-11:30

地點：清華Betvictor中文版4号樓102教室

語言：英文

摘要：

We document three interesting phenomena in Chinese stock market related to the complexity of stock tickers: Companies with more complex stock tickers are (1) held by fewer investors; (2) witness lower turnovers; and (3) experience lower post-IPO returns. Change-in-change analysis based on ticker change events generates consistent results.

Such results are strong among companies with higher level of individual investor ownership and stronger information asymmetry. Our findings confirm and extend Green and Jame (2013) and support that cognitive fluency and name recognition influence investor behavior and asset prices.

主講人簡介:

Ning Zhu is the Deputy Dean, Co-director of the DBA/EMBA/EE prgrams and a Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), a faculty fellow at the Yale University International Center for Finance, and a Special-Term Professor of Finance at University of California, Davis and at Guanghua School of Management, Peking University. Professor Zhu is an expert on behavioral finance, investments, corporate finance, and the Asian financial markets. He has published numerous articles in leading journals in the finance, economics, management and legal fields, including Journal of Finance, Review of Financial Studies, Management Science, Journal of Legal Studies, etc. Professor Zhu has also written or co-authored several books, which are well-cited by financial industry.