题目：Expelling Retail Investors and Market Efficiency
报告人：吴文锋上海交通大学安泰经济与管理学院
时间：2019年11月29日上午9:00 -11:00
地点：信息楼530
报告摘要：Using a unique event in China, that retail investors were not allowed to invest in structured fund market, this paper investigates the effect of expelling retail investors on market efficiency. The Regression Discontinuity Design shows that after this exogenous event, tranche-B funds, which were highly leveraged and most preferred by retail investors, experience a significant decrease in market efficiency as well as liquidity. We also show that retail investors are not informed traders in the Chinese structured funds market. Overall, our results suggest that retail investors provide liquidity and lower transaction costs, and thus help improve market efficiency.
报告人简介：吴文锋，上海交通大学安泰经济与管理学院金融学教授，副院长，首批国家优秀青年科学基金项目、首批教育部长江学者青年项目获得者。入选2019年中国经济学人评出的44位改革开放以来中国经济学类高被引作者之一。
他的主要研究领域为金融学，研究方向为金融工程、证券市场与公司金融，在Journal of Law & Economics、Journal of Banking & Finance、Journal of Corporate Finance、《经济研究》、《管理世界》、《经济学季刊》等国内外顶级学术刊物发表论文数十篇，多次获得中国高校人文社会科学研究优秀成果奖、上海市哲学社会科学优秀研究成果奖等。他还担任China Finance Review International执行主编、上海市金融学会理事、上海市金融工程研究会理事、教育部高等学校金融类专业教指委委员、上海高校金融专业教学指导委员会副主任等。
