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.