演讲题目：Ease-of-processing Heuristics and Asset Prices: Evidence from the Exchange-traded Repo Market in China  

报告人：江芷倩 助理教授

时 间： 2019年9月27日（周五）上午10:00-11:30

地 点：嘉庚一 504

主持人：吴育辉 教授

参加者：对会计、财务研究有兴趣的师生

摘要： Prior to May 22, 2017, actual daily interest rates of Chinese exchange-traded repos on certain days of the week and on trading days prior to market-closed holidays exhibited remarkable seasonalities. On May 22, 2017, the exchanges changed the way in which rates were displayed such that investors need no longer infer actual repo maturities. Thereafter, the seasonalities disappeared. We interpret the seasonalities and their disappearance as being due to investors employing an ease-of-processing heuristic that was not required after May 22, 2017. An implication is that a cognitive bias on the part of investors caused the seasonalities in asset prices.

报告人简介：江芷倩2019年5月毕业于美国佛罗里达州立大学并获得金融学博士学位，现任厦门大学管理学院财务学系助理教授。其研究兴趣主要为公司财务、公司治理、行为金融等，已有研究发表于《Journal of Business Ethics》。