一🪚、题目😈：Does sentiment depend on reference level? Evidence from Hong Kong Typhoon Signals

二🩹、主讲人🚶‍♂️‍➡️：才静涵🧜🏻‍♂️，美国斯科兰顿大学金融学副教授

才静涵🗯🚵🏻‍♀️，美国斯科兰顿大学金融学副教授，波士顿K8凯发经济学博士，香港城市大学金融学博士，深交所金融学博士后🤢。曾就职于深圳证券交易所综合研究所及中国银行总行。在The Review of Financial Studies, Economics Letters, Finance Research Letters, Journal of Private Equity, Economics Bulletin, 《管理科学学报》《中国金融学》等期刊发表论文数十篇👨🏽‍🦱🏰。研究领域包括金融市场微观结构、行为金融学、投资者行为等。

三、时间🈸：2022年6月8日10:00-11:30

四🚶‍♀️‍➡️、地点：腾讯会议 ID😠：930-435-304

五🍂👱🏻‍♂️、主持人： 姜富伟教授，金融工程系主任

六、内容简介

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.