讲座题目：The Value of Information in China’s Connected Market

时间：2021年12月30日（周四）12:30 – 13:30

地点：博学楼925

主讲人: 祝小全

主讲人简介：

祝小全，成人动作片 金融成人动作片讲师。主要研究领域为实证资产定价（机构投资者，互联互通，债券市场）和国际金融等。在《经济研究》、《金融研究》、《世界经济》等期刊发表若干论文。

讲座内容简介：

The paper studies the role of information in cross-market trading by using Shanghai / Shenzhen-Hong Kong Stock Connect Program as a novel laboratory. With a complete history of daily stock-level holdings of all international (northbound) investors, we find that weekly changes in northbound shareholdings have a cross-sectional predictive power for A-share returns. We present evidence that northbound investors are well informed about firm fundamentals, especially for firms with higher global exposure. Besides, private information is incorporated into prices by mainland insiders who take advantage of regulatory arbitrage by homemade foreign trading. Attention-induced Copycats further confirm the informativeness of international participants in China.