主讲人：尹澄溪 博士

讲座主题：Offsetting Disagreement and Security Prices

摘要：We propose that the whole can be valued at less than the sum of its parts. The reasoning is that, in the presence of short-sale constraints and investor disagreement, shares of a company are held by the most bullish investors. To the extent that investors’ beliefs are not perfectly and positively correlated across assets (i.e., being bullish on one company does not imply that the same investor is also most bullish on all other companies), the level of excitement about a portfolio is, naturally, less than the sum of the level of excitement that individual companies receive from their most fervent supporters. This lowers the value of the portfolio relative to the sum of the individual components. Utilizing mergers and acquisitions, as well as closed-end funds, exchange-traded funds, and conglomerates as settings where the values of the underlying components and the value of the aggregate portfolio can be separately evaluated, we present strong evidence supporting our hypothesis.

讲座时间：2016年05月11日，周三，15:00开始

讲座地点：学院南路校区学术会堂604会议室

主讲人简介：尹澄溪，中国人民大学商学院讲师。北京大学经济学学士，普渡大学金融学硕士和博士。研究领域：实证资产定价、行为金融。多篇论文在AFA、FMA等金融学顶级会议报告，担任Management Science等期刊的匿名审稿人。

本次论坛参加人员范围：会计学院教师、博士生、本硕博连读生以及本科生学术创新实验班成员。

[编辑]：孙颖