题目：What Are Benefits of Attracting Gambling Investors? Evidence from Stock Dividends

　　报告人：胡聪慧，对外经济贸易大学副教授

　　时间：2019年6月5日(周三) 15:00 ～ 16:30

　　地点：经管院B251

　　报告摘要：

　　Analyzing a sample of Chinese firms that split their stocks through stock dividends and using proprietary trading data to measure investors’ gambling preference, we find that stock splits raise the stocks’ lottery characteristics, making them attractive to gambling investors and allowing large shareholders to reduce shareholdings. Split firms also become more risk-taking. Furthermore, their cost of equity declines, largely due to increased gambling investors’ pricing influence. Our findings suggest that firms, particularly those with weak lottery characteristics and with inefficient risk sharing, can use stock splits to attract gambling investors to share risk and to lower their cost of equity.

　　报告人简介：

　　胡聪慧现为对外经济贸易大学国际商学院副教授，武汉大学金融工程专业本科毕业，北京大学光华管理学院金融学博士，哥伦比亚大学商学院访问学者。研究领域为行为金融、资本市场与公司财务。致力于从投资者行为偏误、市场摩擦等非基本面因素的角度理解资产价格和公司财务政策，研究内容涉及博彩偏好、有限注意、股票收益的可预测性、股利政策、公司投融资行为等多个议题。近五年，在Journal of Corporate Finance、Journal of Banking and Finance、《管理世界》、《金融研究》、《经济学(季刊)》、《会计研究》等国内外期刊上发表论文十余篇，其中6篇被人大报刊复印资料全文转载。主持并参与多项国家自然科学基金项目、上海证券交易所联合研究计划。曾荣获对外经济贸易大学“惠园优秀青年学者”、2017年全国商务财会论文三等奖、全国博士生学术会议(金融论坛)优秀成果特等奖等荣誉。