| 主讲人简介： | Personal webpage: ihome.ust.hk/~ubhattac/ Professor Bhattacharya received his Bachelors in Mechanical Engineering from the Indian Institute of Technology, Kanpur, in 1980; an M.B.A. from the Indian Institute of Management, Ahmedabad, in 1982; and his Ph.D. in Finance from Columbia University in 1990. He joined HKUST in 2014. Professor Bhattacharya’s research is on the dark side of finance. He has published in all the top-tier finance journals, and many of the top-tier accounting and economics journals. His research has been featured more than a hundred times in the U.S. media and in the foreign media (including five feature stories in the Economist.) He has been invited to present his research in more than 200 institutions in 31 countries in 5 continents. He wrote a report for and served as a member of the "Task Force to Modernize Securities Regulation in Canada" in 2006. He and his report were featured in a Canadian Broadcasting Corporation investigative story titled "Who Is Guarding Your Money." Legislators in Ontario, Canada, discussed this report. On May 16, 2012, the Securities and Exchange Commission of the U.S. invited him to present the findings of his Journal of Finance paper that documents cross subsidies in mutual fund families. He is now an official whistleblower. Professor Bhattacharya is also an excellent teacher. He was awarded the Trustee Teaching Award by Indiana University twice. He teaches in a different country every summer. He has taught at top universities in Argentina, Brazil, China, France, Germany, Netherlands, India, Indonesia, Italy, Japan, Lithuania, Mexico, New Zealand, Portugal, Singapore, Slovenia, South Korea, Russia, Taiwan and Turkey. In the U.S., he has been a visiting faculty at Chicago, Duke and MIT. His goal is to spread the gospel of honest finance to every corner of the globe. |
| 讲座简介： | Weld, Michaely, Thaler, and Benartzi (2009) find that the average nominal stock price on New York Stock Exchange and American Stock Exchangehas been approximately $25 since the Great Depression and that this “nominal price fixation is primarily a U.S. or North American phenomenon.” Using a larger data set from 38 countries, we showthat nominal share prices of most stocks in every countrytend to revert totheirinitial public offer(IPO) prices. IPO prices are natural anchorsbecause they arethe first public prices observed by investors. We demonstrate that corporate actionsmaintain these nominal stock price anchors.We see this quite dramatically during the introduction of the euro in 1999, where corporate actions in euro firms adjusted very fast to the disappearance of old anchors and the birth of new anchors.Why firms do this remains a puzzle. |
