第651期岭南学术论坛（金融学系列Seminar）

语言             中文+英文

摘要：

Management earnings forecasts are more pessimistic for stocks with higher predicted returns based on anomaly signals, suggesting anomaly captures biases in managers' forecasts. These biases in management forecasts are more severe than those in analyst forecasts. These findings are stronger for overconfident managers, long-term forecasts, and during high sentiment periods, consistent with behavioral issues driving such biases. The results are not affected by the subsequent insider or firm trading, indicating strategic reporting is unlikely to drive these biases. Finally, biased management forecasts amplify and prolong anomaly returns, consistent with exacerbated errors in investor expectations of future cash flow. 

报告人介绍：

       周德馨博士现任纽约市立大学巴鲁克学院经济与金融系助理教授。周德馨博士的主要研究领域为媒体，社交网络，以及机构投资者在金融市场中的作用。他的研究成果曾发表于国际顶级金融和会计学期刊，包括Journal of Financial Economics, Review of Financial Studies, (The) Accounting Review, Journal of Accounting, Auditing and Finance，并被《华尔街日报》《经济学人》《金融时报》，以及《哈佛法学院公司治理论坛》等国际知名媒体引用。他于巴德学院（Bard College）获得数学学士学位，并从艾默里大学（Emory University）获得金融学博士学位。

        欢迎感兴趣的师生参加！

        中山大学岭南学术论坛分经济学和金融学两大系列，是定期邀请国内外优秀学者前来开展学术交流的平台。每系列每个月定期举办2-3次。目前已经成功举办多期，并得到了各界的高度评价。