保险与金融工程教研室学术讲座

报告题目：Selling the Best: Rank Effect in Chinese Individual Investors 
 报 告 人：Han Dun（英国贝尔法斯特女王大学 助理教授）
主  持 人：刘彦初（中山大学岭南学院 教授）
时      间：2025年12月1日 （周一） 10:00
地      址：岭南堂伍沾德会议室（204）
语      言：英文

摘要:
      This paper shows individuals are more likely to sell the top-performance stock in their portfolio than other stocks. We analyze the existence of rank effect in Chinese stock market by applying a dataset of 100,000 individual investors with more than 56 million daily holding records from January 2007 to May 2009. We find that Chinese investors are more likely to sell a position with extreme good (the best) performance, and followed by the 2nd best position, but reluctant to sell the salience of extreme bad portfolio positions, which is different from result in US (sell both the best and the worst). When the investor is aggressive, the market is under recovery period or the holding period of position is short, the decrease in selling relative bad-performance positions is moderated. This result leads to three possible mechanisms, investor characteristics and culture feature, market condition and holding strategy. The difference between the two countries can also be attributed to the distribution of investors in the two datasets. This result is robust under different modelling methods, extreme portfolio situation, measurement of rank and limit-down limitation, etc.

报告人介绍：

      Dr. Han, Dun is an Assistant Professor of Finance at Queen’s Business School, Queen’s University Belfast. His research interests cover a broad range of topics in finance, with a primary focus on behavioral finance. His research has been published in leading academic journals, including Journal of Futures Markets and International Review of Financial Analysis, and has been presented at several prestigious academic conferences. He also serves as a peer reviewer for a number of journals, including the International Journal of Finance & Economics and the International Review of Financial Analysis, etc.

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【教研室与研究中心简介】
       岭南学院保险与金融工程教研室于2022年1月成立，由教授、副教授等15名成员组成。研究领域包括保险精算、金融工程、风险管理、社会保障、数字金融与保险、行为金融等。教研室成员曾在Operations Research、Journal of Economic Dynamics and Control、Insurance: Mathematics and Economics、《经济研究》《管理世界》《管理科学学报》等本领域权威期刊发表论文；教研室成员主持过多项国家社科基金重大项目，研究成果获得过多位国家领导人的批示，也获得过教育部高等学校科学研究优秀成果奖（人文社会科学）二等奖等奖项。详情请见链接：https://lingnan.sysu.edu.cn/organization/08。
       中山大学金融工程与风险管理研究中心于2003年6月成立，是广东省人文社科重点研究基地，以建设高水平、开放型的金融工程与风险管理研究平台为宗旨，综合运用金融学、经济学、管理学、数学、工程学、行为学等学科的理论、方法和技术，创新性地研究和解决金融发展中遇到的重大理论与实践问题。本中心紧紧围绕科学研究这一主要工作，积极与国内外学者进行学术交流，力争承担重要科研项目、取得高质量科研成果，并为经济金融现实提供决策咨询服务，继而推动相关学科的建设和和发展。研究领域包括：金融工程、风险管理、数字金融、数字保险、数字经济、绿色金融、养老金融、供应链金融、资源配置、资产定价、金融市场、保险精算、决策与对策等。详情请见链接：https://lingnan.sysu.edu.cn/cferm/。