报告时间： 2024年3月22日（周五） 9:40-11:00
报告地点： C03-205
参会人员： 学院全体教师
报告主题： The Morning After: Late-night TV Shows and the Stock Market
Abstract: Watching late-night TV shows has become prevalent and causes significant sleep loss. We examine how it affects financial markets. We find that market returns significantly decline on days following the release of popular late-night TV shows. The effect is stronger when stocks have larger market capitalisation, higher price, higher institutional ownership, and when market uncertainty is high. Our results suggest that sleep-deprived investors, who are mentally fatigued, are less willing to make buying decisions that require greater cognitive effort. Instead, they make more heuristic selling decisions that cause a decline in stock returns. These effects are unaccompanied by any change in trading activity of retail or institutional investors.
【嘉宾简介】
王庆伟，英国卡迪夫大学商学院金融学讲座教授。曾担任班戈商学院助理教授，欧洲经济研究中心（德国）研究员, 并参与过德意志银行、德国联邦经济和劳工部以及德国科学基金会的研究项目。
王庆伟教授现为卡迪夫大学中国商业研究中心主任、卡迪夫金融科技研究中心联合主任，British Accounting Review编委, European Journal of Finance, Finance Research Letters副主编，以及European Journal of Finance “金融科技和金融市场”特刊的客座主编。曾在国际顶级期刊在内的诸多期刊上发表文章，包括Journal of International Business Studies, Journal of Empirical Finance, European Financial Management, and International Journal of Forecasting. 王庆伟教授所共同领导的卡迪夫金融科技研究组多次获得威尔士金融科技提名奖并多次在国际会议上获奖。
主要研究方向：金融科技，行为金融，投资决策，可持续金融。
