FIRN Virtual Seminar Series - Sheridan Titman, University of Texas

FIRN is the premier network of finance researchers and PhD students across Australia and recently New Zealand.  Researchers from all of the major schools, departments and universities who offer research programs across the various topic areas of finance are members of FIRN.The purpose of FIRN is to provide a strong, cohesive and fiscially efficient approach toward supporting research and advancements in the Australian finance academic community.  FIRN’s program of events and initiatives aims to develop better communication and networking across the sector, better research outcomes, better educated PhD students, better skilled academics, stronger international relationships and a stronger future.

FIRN

Working with the large FIRN member institutions we have developed a virtual seminar series where all FIRN members can participate.  The seminars will be via zoom and will be about an hour long, comprising presentation followed by moderated Q&A.   <h2>In collaboration with the University of Queensland, FIRN  invites you to a virtual seminar presented by Sheridan Titman, University of Texas</h2>Title:  Momentum, Reversals, and Investor ClienteleAbstract: The identical cash flow and control rights of Chinese A and B shares provide a natural experiment to explore how investor clienteles affect stock returns. Currency conversion restrictions discourage domestic retail investors from investing in B shares, whereas quotas constrain foreign institutions’ investment in A shares. We find that only B shares exhibit momentum and earnings drift, and only A shares exhibit short term reversals. Institutional ownership strengthens momentum in B shares. These return patterns are consistent with a model that includes institutions, who underreact due to skepticism about outside information sources, and retail investors, who trade on noise.
Moderated by Ronghong Huang, UQAll FIRN members are welcome to this event.   Please register your interest and you will be sent an email the day before with the Zoom ID code.

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FIRN Virtual Seminar Series - Sheridan Titman, University of Texas

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FIRN Virtual Seminar Series - Sheridan Titman, University of Texas

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