教育部人文社科重点研究基地中央财经大学中国精算研究院学术活动
精算论坛讲座第212期
(2022年11月22日)
讲座主题：Financial Literacy and Stock Returns
摘要：We develop a new measure of retail investors’ financial literacy using textual analysis of social media data. and show that it effectively distinguishes between investors with high and low financial literacy. Further, by constructing a firm-level textual financial literacy indicator, we find that the stocks of firms whose investors have high (vs. low) textual financial literacy have statistically and economically significant higher returns than their peers. We find that relative to investors with low financial literacy, those with high financial literacy are more informed, have better valuation skills, and are more rational in their investment decisions. Our findings shed light on the role of financial literacy in asset pricing.
报告人：Youwei Li
Dr Youwei Li is a Professor of Finance at Hull University Business School, UK. Professor Li holds a PhD in Financial Econometrics from Tilburg University, the Netherlands, and a PhD in Mathematics from Lanzhou University, China. He has published articles in areas of asset pricing, investment, longevity risk, market microstructure, and quantitative finance in peer-reviewed international journals, such as Management Science, European Journal of Operational Research, Journal of Economic Dynamics and Control, Journal of Empirical Finance, Journal of Futures Markets, Financial Review, Insurance: Mathematics and Economics, Quantitative Finance, and among many others. Professor Li’s research is funded byNational Natural Science Foundation of China, European Commission, Australia Research Council, and Economic and Social Research Council of UK. Professor Li currently serves as Associate Editor for the European Journal of Finance, International Review of Financial Analysis, and Finance Research Letters.
Professor Li’s research articles can be found on his Google Scholar Profile (https://scholar.google.co.uk/citations?hl=en&user=ePhWkK0AAAAJ), his SSRN Profile (http://ssrn.com/author=539212), and the ORCID website (https://orcid.org/0000-0002-2142-7607).
讲座时间：2022年11月22日（周二）晚上19:00-20:30
报告地点：腾讯会议（会议ID：596-954-347）
邀 请 人：郑敏
