正午阳光——青年学者论坛（2023秋季）第一期
“正午阳光——青年学者论坛”是金融学院定期举办的以院内师生参与为主的学术交流活动，为全院专家学者之间、师生之间、南开金融与国际国内学术界之间提供了难得的交流机会。本学期“正午阳光”论坛初心不改，扬帆远航再出发，致力于营造学院学校科研氛围，推动师生学术科研水平不断提升！
2023年秋季学期 “正午阳光——青年学者论坛”第一期活动安排如下：
主讲人：
徐伟，北京大学汇丰商学院副教授，博士毕业于普渡大学，研究领域包括资产定价，市场微观结构，做空等，科研成果发表于Management Science，Journal of Banking and Finance，Journal of Empirical Finance，Journal of Portfolio Management，Financial Analyst Journal等期刊。
讲座题目：
Institutional game and stock returns: evidence from earnings announcements in China
讲座时间：
2023年9月7日，12：00-13：00
讲座地点：
金融学院116教室
内容摘要：
This paper aims to examine how institutional investors take advantage of the irrational behavior of retail investors by timing their trades around earnings announcements. Our findings reveal that institutional investors, strategically engaging in the institutional game, generate profits by purchasing shares prior to the announcement day of firms issuing positive guidance and subsequently selling them. Conversely, retail investors tend to incur losses as their trading counterparts. Through these results, we shed light on how rational trading can contribute to the emergence of mispricing. Furthermore, we suggest that information disclosure regulations may have unintended consequences on both market efficiency and fairness.
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