讲座题目：What Causes Sin Stock Aversion? Social Preference or Probability Bias?

　　报告人：Kingking Li副教授，深圳大学

　　报告时间：2019年5月16日，下午2点-3点半

　　报告地点：经管院B127

　　主办单位：数理经济与数理金融系

　　主持人：魏立佳

　　摘要：Some businesses tout their virtues, e.g. in terms of CSR. Others may be seen as sinful from adverse media coverage. Does the perception of morality in business affect investor’s choice of its stocks? While it has been reported that some investors avoid investing in sin stocks while exhibiting a preference to invest in virtue stocks, one cannot conclude that perceived morality alone affects stock choice since sin stocks/virtue stocks may differ from the stocks of other companies in additional dimensions such as firm size, performance, and volatility. This paper experimentally investigates the determinants of sin stock aversion and virtue stock affinity in the literature: trust/trustworthiness elicited from a trust game (Riedl and Smeets, 2017), altruism elicited from a dictator game, and wishful thinking based on a Karmic investment hypothesis resulting in a probability bias favoring perceived virtue and against perceived sin (Risen, and Carter, 2012). Our measure based on Chew and Sagi’s (2008) definition of source preference disentangles moral aversion-affinity from the stock's underlying market performance. This enables us to identify and discriminate between social preference (proxied by trust/trustworthiness in trust game and altruism in the dictator game) and wishful thinking resulting in a probability bias as determinants of moral aversion-affinity. While social preference and wishful thinking both contribute to moral aversion–affinity, the effect of the former predominates.

　　个人简介：李景景，深圳大学深圳南特商学院副教授。研究方向为实验经济学、行为经济学和行为金融。他是首位使用实验经济学方法研究语言和决策 (Li, 2017, JEconPsy) 、记忆偏见 (Li, 2013, ExpEcon) 和随机偏好 (Li, 2011, JRU)的学者。李教授的论文发表在Management Science、Experimental Economics、 Journal of Economic Psychology、Social Choice and Welfare和Journal of Risk and Uncertainty等学术期刊。