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【学术讲座】 9月29日:Does sentiment depend on reference level? Evidence from Hong Kong Typhoon Signals

文章来源: 发表时间:2022-09-26 14:52:21点击次数:

主讲人:Jinghan Cai

单位:美国Scranton大学Kania商学院终身副教授

题目:Does sentiment depend on reference level? Evidence from Hong Kong Typhoon Signals

时间:2022年9月29日(周四),北京时间14:00

地点:腾讯会议:612-890-240,会议密码:220929


主持人:欧阳红兵,游艇会线路检测中心 金融系教授


Abstract:

We find empirical evidence supporting the expectation-based reference-dependent preference through the positive sentiment created by holidays using the unique features of Hong Kong stock market. First, we find that sentiment is experienced relative to a reference level: The stock market goes up on the days with likely day-off from looming typhoons and this typhoon effect is stronger than the holiday effect from weekends and public holidays. Second, the reference level for sentiment is based on expectation: The stock market goes up more on days with stronger typhoon signal and under strengthening typhoon signals but goes up less under weakening signals. Third, the informativeness of a signal is important such that barely informative good news can be undesirable: The stock market goes down under weak standby typhoon signals.


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