【时间】2026年10月19日（星期一）上午10:00

【地点】大学城校园文二栋536会议室

【主题】Information Acquisition and Individual Investors’ Trading behaviour

【主讲人】沈凯玲教授

【主持人】刘愿教授

【主讲人简介】

沈凯玲，澳大利亚国立大学经济学教授、IZA德国劳动经济研究所研究员，同时担任Global Journal of Emerging Market Economies期刊编委会成员。自2024年起，她正式担任China & World Economy的副主编。她的研究主要关注与劳动力市场相关的实证和政策问题。其研究兴趣包括信息技术对劳动力市场的影响、失业保险、求职与匹配行为、歧视、性别差异、收入不平等、高等教育、移民、婚姻以及代际关系等。沈老师的研究成果发表于多家著名的经济学期刊，包括American Economic Review, Quarterly Journal of Economics, Journal of Human Resources, Journal of Development Economics以及Journal of Comparative Economics等。

【摘要】

We examine individual investors’ information acquisition and portfolio choice in a partial equilibrium model which predicts that portfolio size correlates positively with wealth and portfolios’ stock-value-weighted average Sharpe ratio, negatively with risk aversion and portfolios’ minimum Sharpe ratio, and portfolio size and composition both tend to remain stable over time. Empirical evidence based on stock transaction data from a Chinese brokerage strongly supports these predictions. A novel Contextualized Decision Echo Sampling method is used to overcome computational challenges caused by large option sets. Using it, we find investors are 37-fold more likely to buy stocks they bought previously.