讲座题目：The diversification benefits and policy risks of accessing China's stock market

　　报告人： 陕晨煜(上海财经大学金融学院，助理教授)

　　报告时间：2019年3月21日(周四)下午 14：00点

　　报告地点：经管院A221

　　主办单位：数理经济与数理金融系

　　主持人：崔静波

　　摘要: We find that China’s stock market provides valuable diversification benefits for international investors. It has low correlation with the global market, and is resistant to international financial contagion. These diversification benefits can be explained by the unique features of China’s stock market: frequent government interventions, disconnection with the real economy, and low foreign ownership. The recent Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect programs have minimal impact on these diversification benefits. We further find more trading suspensions but more diversification and better performance for A-share stocks with high policy sensitivity.

　　简介: 陕晨煜，上海财经大学金融学院助理教授，香港大学金融学博士。研究领域包括信用衍生产品，公司金融、金融机构和中国金融市场。研究论文发表于Journal of Accounting and Economics等期刊, 论文曾多次被西部金融年会(Western Finance Association), 欧洲金融年会(European Finance Association), 中国国际金融年会(China International Conference on Finance), 金融中介研究年会(Financial Intermediation Rsearch Society)等国际会议接收，曾获得中国国际金融年会最佳论文奖(CICF Best Paper), 华人金融协会最佳论文奖(TCFA Best Paper), 金融市场与公司治理年会最佳论文奖(CFMCG Best Paper)， 亚太金融市场年会杰出论文奖(CAFM Outstanding Paper Award)等。其研究项目“银行发行或有可转债能否降低系统性风险”获得2019年国家自然科学基金青年项目资助。