主讲人：David McLean（美国乔治城大学）

讲座摘要：Some financial advisor misconduct may reflect biases toward local stocks by sell-side analysts, advisors, and clients rather than unethical behavior by advisors. Research shows that both individual and professional investors overweight local stocks. Other studies show investors and sell-side analysts can exhibit excessive optimism by extrapolating past outperformance. We find that greater optimism for local stocks predicts financial advisor misconduct. When optimism for local stocks is higher, disappointing earnings and low stock returns follow, and the likelihood of misconduct is greater. Advisors in high-optimism localities are 23% more likely to be involved in a misconduct case the following year than those in less optimistic areas.

时间：12月5日（星期二），晚上20:00-21:30

线上会议：腾讯会议（会议号：750 302 084）

主讲人简介：David McLean 教授是乔治城大学 McDonough 商学院教授，他的研究方向为资本市场的不完备性及其对资产价格与公司治理所产生的影响。McLean 教授在Journal of Finance、Journal of Empirical Finance 和Review of Financial Studies等国际知名期刊发表了大量文章，他的研究成果荣获了the Amundi Smith Breeden Award for the best paper in Journal of Finance、the Jensen Prize for the best paper in the Journal of Financial Economics、the Q-Group’s Roger Murray Prize for quantitative research in finance 等多个奖项。McLean教授还担任Management Science 等知名学术期刊的编委会成员。

主办：中国互联网经济研究院

此次讲座获得北京高等学校卓越青年科学家计划资助（BJJWZYJH01201910034034），特此致谢。

撰稿：李东阳      排版：王昱洁

初审：孙宝文      复审：王立勇