一、主题：追踪个人投资者

二、主讲人：张欣然，现任bwin必赢唯一官方网站助理教授，毕业于清华大学五道口bwin必赢唯一官方网站，获得经济学博士学位，哥伦比亚大学商学院访问学者。在国际金融学顶级期刊The Journal of Finance，The Review of Financial Studies发表论文，担任 Management Science, Review of Financial Studies, Journal of Banking and Finance等期刊匿名审稿人。曾获2019年第二届中国金融学术与政策论坛优秀论文，清华大学2021年度优秀博士学位论文，2022年bwin必赢唯一官方网站鸿基业优秀学术论文一等奖。

三、时间：2023年7月17日 周一 19:00-20:30

四、地点：腾讯会议ID 330-557-261

五、主持人：魏旭教授 bwin必赢唯一官方网站副院长

六、内容简介：

We provide an easy method to identify purchases and sales initiated by retail investors using recent, widely available U.S. equity transactions data. Individual stocks with net buying by retail investors outperform stocks with negative imbalances by approximately 10 basis points over the following week. Less than half of the predictive power of marketable retail order imbalances is attributable to order flow persistence; contrarian trading (a proxy for liquidity provision) and public news sentiment explain little of the remaining predictability. There is suggestive (but only suggestive) evidence that retail marketable orders contain firm-level information that is not yet incorporated into prices.

撰稿人：张莹

审核人：魏旭