【主讲人】胡聪慧 副教授
【主持人】高明 副教授
【报告题目】Priming and Stock Preferences: Evidence from IPO Lotteries

【报告摘要】Existing studies in social psychology have found that priming has pervasive effects, mostly in laboratory settings and over short periods of time. This study investigates the priming effect in the real financial world and over longer periods of time. We hypothesize that successful lottery-like experiences raise investors' subsequent demand for other lottery-like stocks by increasing the accessibility of tail events. By exploiting the randomized distribution of IPO shares in China as a natural experiment, we find that, compared with matched control investors, the investors who were allocated IPO shares (lottery winners) substantially shift their non-IPO portfolios toward lottery-like stocks over the three months subsequent to the distribution. This effect is more pronounced for investors winning IPO lotteries with lower winning rates or larger issue-price discounts. Moreover, lottery winners experience a decrease in their overall portfolio return by more than 1% within the three months subsequent to the distribution relative to matched control investors, which is largely in proportion to the increases in their subsequent demand for lottery-like stocks. Our findings are not explained by the house money effect or the wealth effect. Overall, our study suggests that lottery-like cues play a critical role in shaping investors' gambling preferences in stock markets, providing field-based evidence for the long-term priming effect.

【主讲人介绍】胡聪慧现任北京师范大学经济与工商管理学院副教授。他是武汉大学金融工程专业经济学学士，北京大学光华管理学院金融学博士，曾任对外经济贸易大学国际商学院副教授、惠园优秀青年学者，哥伦比亚大学商学院访问学者。研究领域为行为金融、资本市场与公司财务，致力于从投资者行为偏误、市场摩擦等非基本面因素的角度理解资产价格和公司财务政策。研究成果发表在Journal of Corporate Finance、Journal of Financial Markets、Journal of Banking and Finance、Journal of Futures Markets、《管理世界》、《金融研究》、《会计研究》、《经济学季刊》等中英文学术期刊，7篇中文论文被人大复印报刊资料全文转载，入选2019年人大复印报刊资料重要转载来源作者。主持国家自然科学基金项目2项、作为核心成员参与上海证券交易所联合研究计划2项。