Webinar Series

 

ebanner.jpg

Are Foreign Investors Informed? Trading Experiences of Foreign Investors in China

Using a proprietary dataset from 2016 to 2019, the authors find that order flows from foreign investors, facilitated by regulatory liberalization through several channels, present strong predictive power for future stock returns in the Chinese market. Most surprisingly, foreign investors possess the ability to process local firm-level public news, and their predictive power is particularly strong on large price movement days when the implications of firm-level information are likely most pronounced. Evidence also shows that foreign investors have some capability in processing global market-level information. Finally, regulatory reforms that generally relax investment access requirements further improve foreign investors’ predictive power.


15
Dec
2022
Thursday

Session Chair: Bernard YEUNG
Stephen Riady Distinguished Professor in Finance and Strategic Management, National University of Singapore and President, ABFER

10:00 am
Are Foreign Investors Informed? Trading Experiences of Foreign Investors in China

Christian T. LUNDBLAD, Richard Levin Distinguished Professor of Finance and Senior Associate Dean for Faculty and Research, Kenan-Flagler School of Business, University of North Carolina at Chapel Hill

Co-authors:
Donghui SHI, Professor of Finance (Practice-Track), Fanhai International School of Finance, Fudan University
Xiaoyan ZHANG, Chair Professor of Finance and Associate Dean, PBC School of Finance, Tsinghua University
Zijian ZHANG, PBC School of Finance, Tsinghua University
10:25 am
Discussion
Discussant:
Dragon TANG, Professor of Finance, HKU Business School, The University of Hong Kong
10:50 am
Q&A
11:10 am


Updated 20 Dec 2022

Speakers

  • Christian T. LUNDBLAD

    Christian T. LUNDBLAD

     

    Richard Levin Distinguished Professor of Finance and Senior Associate Dean for Faculty and Research, Kenan-Flagler School of Business, University of North Carolina at Chapel Hill

    Christian LUNDBLAD’s research spans asset pricing, investment management, and international finance, with a specialization in emerging market development. He teaches courses on macroeconomics for managers, investment management, including mutual and hedge fund analysis, and global financial markets, including emerging market finance and
    development.

    Dr. Lundblad serves as area chair of finance, associate dean of the PhD Program, director of research at the Frank Hawkins Kenan Institute of Private Enterprise and director of the Center for Excellence in Investment Management. He holds a courtesy appointment as a special-term professor at the People’s Bank of China School of Finance at Tsinghua University in Beijing.

    His research has been published in top academic journals such as the Journal of Finance, Review of Financial Studies and Journal of Financial Economics. He is associate editor at the Journal of Banking and Finance and Financial Management and previously served as an associate editor for the Journal of Finance. He served as a financial economist at the Federal Reserve Board in Washington, D.C., where he advised the Board of Governors on international financial market developments.

    Dr. Lundblad is the recipient of Executive MBA and OneMBA Teaching Excellence awards. He served as associate dean of the PhD Program, area chair of finance and director of research for the Kenan Institute of Private Enterprise. He received a PhD in financial economics and a master’s degree in economics from Duke University. He earned his BA in economics and English literature with highest honors from Washington University in St. Louis.

  • Dragon TANG

    Dragon TANG

     

    Professor of Finance, HKU Business School, The University of Hong Kong

    Dragon TANG received his Ph.D. in finance from the University of Texas at Austin in 2005. He also holds a B.S. from Jilin University, and M.S. from Texas A&M University. Dragon joined The University of Hong Kong (HKU) in 2007, and became Associate Professor of Finance in 2013. Before joining HKU, Dragon also held teaching positions at the University of Texas at
    Austin and Kennesaw State University.

    Dragon’s current research interests include credit risk, credit derivatives, and Chinese banking and credit markets. He has previously done research on mutual funds and Bayesian methods in finance. His research articles are published in top journals such as the Journal of Finance and Journal of Financial Economics. He has also received numerous research awards.

  • Bernard YEUNG

    Bernard YEUNG

     

    Stephen Riady Distinguished Professor in Finance and Strategic Management, National University of Singapore and President of ABFER

    Bernard YEUNG is Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore Business School. He is also the President of the Asian Bureau of Finance and Economic Research. He was Dean of NUS Business School from June 2008 to May 2019. Before joining NUS, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University (NYU) Stern School of Business. He has also served as the Director of the NYU China House, the honorary co-chair of the Strategy Department of the Peking University Guanghua School of Management. From 1988 to 1999, he taught at the University of Michigan and at the University of Alberta from 1983 to 1988.

    Professor Yeung has published widely in academic journals covering topics in Finance, Economics, and Strategy; his writing also appears in top-tier media publications such as The Financial Times, Economist, and The Wall Street Journal.

    He won the Public Administration Silver Medal (2018) in Singapore, Irwin Outstanding Educator Award (2013) from the Academy of Management and is an elected Fellow of the Academy of International Business.

    Professor Yeung was a member of the Economic Strategies Committee in Singapore (2009), a member of the Social Science Research Council (SSRC) in Singapore (2016-2018) and a member of the Financial Research Council of the Monetary Authority of Singapore (2010 -2013).

    Professor Yeung sits on the 3rd Advisory Board of the Antai College of Economics and Management at Shanghai Jiao Tong University, the Advisory Council of the Economics and Management School of Wuhan University and the Advisory Committee of the Institute of Economics, Academia Sinica. Professor Yeung also serves as an independent Non-Executive Director of the Bank of China (BOC) Aviation Limited since 2016.

    Professor Yeung received his Bachelor of Arts in Economics and Mathematics from the University of Western Ontario and his MBA and PhD degrees from the Graduate School of Business at the University of Chicago.

  • 1

Session Format

Each session lasts for 1 hour 10 minutes (25 minutes for the author, 25 minutes for the discussant and 20 minutes for participants' Q&A). Sessions will be recorded and posted on ABFER's web, except in cases where speakers or discussants request us not to.

Registration

Please register here to receive a unique Zoom link. (Notice: Videos and screenshots will be taken during each session for the purpose of marketing, publicity purposes in print, electronic and social media)