一、主题：Why Do Institutional Investors Hold Their Own Companies’ Stocks? Superior Information, Conflict of Interests, or Familiarity
二、主讲人：郑凌凌，中国人民大学商学院副教授，博士生导师。国家自然科学基金委“优秀青年基金项目”获得者。郑凌凌教授的研究关注股票市场异象、因子模型、对冲基金、共同基金、机器学习等领域。学术论文多次发表于金融学和管理学的国际顶尖期刊Review of Financial Studies, Journal of Financial Economics, Management Science, 并获得《经济学人》杂志等国际主流媒体的关注和报道。
Abstract:Publicly traded institutional investors overweight their own companies’ stocks in their portfolios. Public institutions are momentum traders in general, but are contrarians when trading their own stocks. They purchase their own stocks during negative earnings announcements and large price declines, while selling other stocks around bad news. Public institutions are less likely to herd with other institutions when trading their own stocks. Public institutions’ stocks exhibit lower crash risk and contain less firm-specific information than other similar stocks. Our results are consistent with conflict of interests impacting the portfolio choice and trading decisions of institutional investors.