“文澜大讲堂”是以我校首任校长范文澜先生名字命名的，高层次、开放式、多维度的精品学术活动品牌，分为名家讲坛、新锐论坛、校友专场三个子品牌活动，旨在为广大研究生提供学术前沿信息及知识交流平台。开办至今，“文澜大讲堂”推动学术交流发展、营造良好的学术氛围，为我校广大学子与各界专家学者之间搭建学术沟通桥梁，对于进一步活跃校园文化、繁荣学术研究、塑造人文精神、展现时代风采作出了积极贡献。
活动主题：《How Indexed Investment Erodes Stock Market Efficiency》
Because actively managed portfolios do not outperform market indexes in informationally efficient stock markets, savings increasingly flow to lower-cost index funds, which simply buy and hold the stocks in a major index, such as the S&P 500. If this diverts capital away from moving prices towards fundamentals, increased indexing may render stock markets decreasingly efficient. Using firms added to or dropped from the S&P 500, we find that exogenous idiosyncratic information events move firms' stocks significantly less when those firms are in the index than when they are not. Idiosyncratic information events are used because, as Samuelson noted, stock market efficiency is more evident in individual stocks' idiosyncratic price changes than in market-wide price movements. Alternative explanations are tested and rejected. Increased indexing may thus be undermining the efficient markets hypothesis that supports its viability, and much else in the real economy.
主讲人介绍
主讲：Randall Morck教授，为阿尔伯塔大学商学院财务金融系的首席教授、Stephen A. Jarislowsky杰出讲席教授、美国麻省剑桥国家经济研究院研究员、哈佛大学客座教授。研究领域包括公司治理、金融市场、政治经济学和亚洲经济发展。研究成果发表在经济学与管理学国际顶级期刊American Economic Review、The Review of Financial Studies、Journal of Financial Economics、Journal of Financial and Quantitative Analysis、The Journal of Finance、The Economic Journal等。曾为加拿大和美国政府、世界银行和世界货币基金组织担任公司治理和其它经济问题方面的顾问，他也常受邀在加拿大和世界各地的学术、商界和政府研讨会上担任演讲嘉宾。
活动安排
活动时间
2023年6月20日
10: 00-11: 30
活动地点
文澴楼教室809
活动对象
新葡的京集团8814全体硕博研究生
活动组织单位
主办单位：新葡的京集团8814研究生院、党委研究生工作部、校研究生会
承办单位：新葡的京集团8814研究生会
