近期，Wiley出版社和美國(guó)東部金融協(xié)會(huì)主辦的期刊The Financial Review（ABS三星）發(fā)布通知，我院江婕老師（第一作者）和伍燕然老師（通訊作者）發(fā)表的論文“Are mutual fund investors loss averse? Evidence from China” 成為2021至2022年度基金投資領(lǐng)域引用次數(shù)最多的論文之一（引文數(shù)據(jù)來(lái)自Clarivate Analytics）。論文在線(xiàn)發(fā)表于2020年9月，正式出版時(shí)間為2021年5月。

　　《金融評(píng)論》（The Financial Review）系基金投資研究領(lǐng)域的頂刊，旨在發(fā)表原創(chuàng)的實(shí)證、理論和方法論研究，為金融經(jīng)濟(jì)學(xué)所有領(lǐng)域的重要問(wèn)題提供新的見(jiàn)解。研究主題包括資產(chǎn)定價(jià)、銀行、公司融資、公司治理、衍生工具、金融中介、金融研究方法、投資管理、市場(chǎng)微觀結(jié)構(gòu)、并購(gòu)、風(fēng)險(xiǎn)管理、風(fēng)險(xiǎn)測(cè)量、證券定價(jià)和市場(chǎng)均衡。

　　

　　江婕, David G. Shrider, Huangwen Ting, 伍燕然（通訊作者）:"Are mutual fund investors loss averse? Evidence from China", FINANCIAL REVIEW，22 September 2020.

　　論文摘要：Research shows that many investors are loss averse (reluctant to sell investments that have lost value). However, there is open debate about whether mutual fund investors suffer from loss aversion. We use over 300,000 Chinese mutual fund investor accounts from five open-end funds to test for loss aversion using survival analysis controlling for time-varying covariates (Cox analysis). We find strong evidence of loss aversion as these investors are between 60% and 91% less likely to sell a fund that is down in value across the five funds. We also find that more sophisticated investors are less loss averse.

　　文章鏈接：https://doi.org/10.1111/fire.12252

　　

　　

　　

　　

　　供稿：學(xué)科科研辦公室

　　        責(zé)編：孫越

　　審核：蔡宏波