报告题目：The Impact of Stock Market Crashes and Recoveries on Investor Expectations and Disposition Effects—A Lab-in-the-field Experiment

报告时间：2025年3月25日下午14:30

报告地点：旭日楼108室

报告人：龚冰琳 研究员

Abstract：

Existing studies have shown that experience can affect price expectation and investment behavior, but most studies focus on the effects of bubbles rather than crash. In this lab in the field experiment, we adapt the experimental design of Gong et al. (2013) and change the two bubble-and-crash markets setting to two crash-and-recovery markets.  We recruit real individual investors to investigate how they behave in a laboratory asset market crash and whether they form different price expectations and behave differently after experiencing a crash and its recovery, especially in terms of disposition effects. The experimental results indicate that after experiencing a laboratory crash-and-recovery, investors tended to hold higher expectations on future market prices, trade smaller sizes a reduction in the duration of holding both profitable and loss-incurring stocks. Overall, experienced investors’ expectations for future stock prices become more optimistic, and the disposition effect is mitigated. The increase in expectations also weakens the impact on the disposition effect of investors.

报告人简介：

华东师大经管学院研究员、博导，上海市领军人才，中国行为与实验经济学论坛学术委员、中国运筹学会博弈论分会理事、劳动经济学会人工智能与灵活就业专委会委员。美国马里兰大学经济系博士，北京大学概率统计、经济学双学士，曾任教于复旦大学、上海交大。研究领域包括行为与实验经济学、行为与实验金融、产业组织、微观经济学。论文发表在经管类国际顶级期刊Management Science（两篇）和著名期刊Games and Economic Behavior、Experimental Economics、Journal of Economic Behavior and Organization、Journal of Business Ethics、Journal of Economic Psychology、《管理工程学报》等上。获得第八届全国高校人文社科论文奖二等奖和上海市第十四届哲学社会科学优秀成果奖学科学术奖论文一等奖。2023年入选中国高贡献学者。主持多项国家级、省部级和国际合作科研项目。担任The Economic Journal等著名国际学术期刊审稿人。