金融与财务学系系列讲座之260期
时 间：2021年11月25日（周四）13:00
地 点：史带楼302室
主 题： Employee Sentiment and Stock Returns
演讲者： Prof. Chen Jian Professor, Xiamen University
摘 要：We propose an employee sentiment index, which complements investor sentiment and manager sentiment indices, and find that high employee sentiment predicts a subsequent low market return, significant both in- and out-of-sample. The predictability can also deliver sizable economic gains for mean-variance investors. The employee sentiment’s impact is more likely to be stronger among employees who work in the headquarters state and among less experienced employees. The economic driving force of the predictability is distinct: high employee sentiment leads to high contemporaneous wage growth due to immobility, which in turn results in subsequently lower firm cash flow and lower stock return.
简 介：陈坚，英国埃塞克斯大学（Essex）商学院博士，现任厦门大学经济学院金融系教授、博士生导师，主要研究方向包括金融大数据、金融科技、金融工程、资产定价等领域。目前，科研成果主要发表于Management Science, Journal of Financial and Quantitative Analysis, Journal of International Money and Finance, Journal of Futures Markets,《金融研究》《管理科学学报》等国内外优秀期刊。独立出版英文专著一部（Springer出版发行）。作为项目负责人，完成国家自然科学基金面上和青年项目各一项，完成福建省社科项目一项。
金融与财务学系
2021-11-19
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