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[Seminar] 財金系 11/24 (五) 上午 10:30 邀請暨南大學的柯冠成教授演講
活動起日:2017-11-24 
發佈日期:2017-11-13 
瀏覽數:66  2017-11-13 更新

本系擬於 11/24 () 邀請暨南大學的柯冠成教授至本所進行專題演講,完整訊息如下:

 

【演講訊息】

時間: 11/24 () 10:30-12:00

地點: 管理學院一號館 405 教室

講者: 柯冠成教授

講題: Investor Gambling Preference and the Asset Growth Anomaly

 

Abstract:

The negative relation between asset growth (AG) and stock returns is particularly featured by the overvaluation of high AG stocks. We propose that such overvaluation is related to investors' gambling behavior toward stocks with high maximum daily returns (MAX). As a result, the AG premium is stronger among high MAX stocks. Our empirical results confirm this prediction. We further show that the impact of gambling preference on the AG anomaly is robust to the consideration of alternative explanations, including overinvestment, limits-to-arbitrage, and the q-theory. Our study provides a new insight into the understanding of the AG anomaly.