主讲人：褚勇强（北卡罗来纳大学夏洛特分校）

讲座摘要：We experimentally document a novel "negative peer effect" in financial markets: investors actively trade against recommendations from political opponents. Using 30,000+ investment decisions, we show investors both follow politically aligned peers and oppose misaligned peers. We also show the effect is mainly (but not entirely) driven by investors' inferring the political leanings of firms based on the peer recommenders' ideologies. These partisan biases persist even with transparent fundamentals (earnings guidance, analyst targets), indicating that investors gain direct utility (disutility) from investing in politically aligned (misaligned) firms.

讲座时间：2025年12月3日（星期三），上午9：30-11：00

线上会议：腾讯会议（会议号：970 231 120）

主讲人简介：褚勇强，北卡罗来纳大学夏洛特分校贝尔克商学院Childress-Klein讲席教授, Childress-Klein房地产中心主任，研究领域包括银行、房地产金融和金融机构及其相关领域。在Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Journal of Corporate Finance, Quarterly Journal of Finance, Journal of Real Estate Finance and Economics等国际金融期刊发表文章30余篇。

此次学术活动获“中央高校基本科研业务费资助”（supported by “the Fundamental Research Funds for the Central Universities”），特此致谢。

撰稿：黄冰雁      排版：王昱洁

初审：孙宝文      复审：王红梅