地 点：虹口校区1号楼102
主讲人：杨 挺 新西兰奥克兰科技大学金融系高级讲师
主持人：张 健 教授
主 题：Short sellers at home and abroad: Their respective roles in the price discovery of cross-listed firms
讲座摘要：
We examine the respective role of short selling in both the home and the host market in the price discovery of mainland Chinese firms cross-listed in Hong Kong. We find that short-sellers of A-shares in mainland China contribute significantly more to the price discovery than short-sellers of corresponding H-shares in Hong Kong, and the latter group benefits from the presence of the former group but not the other way around. Short-sellers in mainland China promptly react to the arrival of negative news, while short-sellers in Hong Kong do not react to such news, and tend to follow their counterparts in mainland China. We posit that the institutional differences in short selling between the two markets possibly explain the findings.
嘉宾简介：
杨挺，2004年至今任教于新西兰奥克兰科技大学金融系，教授本科及研究生项目的金融课程。2005年5月在新加坡南洋理工大学获得金融学博士学位。他目前的研究兴趣集中在公司金融，微观市场结构，以及企业投资。他的研究成果发表在Journal of Banking and Finance, Pacific-Basin Finance Journal, International Review of Financial Analysis，并多次在国际学术会议进行论文宣讲。
（承办：国际工商管理学院工商管理系，科研与师资发展办公室）
