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数字金融Workshop:Homemade Foreign Trading
发布日期：2023-07-08 12:00 来源：
第十六讲 Homemade Foreign Trading
时间/Time：7月8日周六 北京时间下午 2:00-3:30
地点/Venue：北京大学国家发展研究院（承泽园校区）245教室（校外人员线下参加，请扫描邮件下方二维码填写信息，申报入院）
主讲人/Speaker: 何治国 Zhiguo He
主持人/Host：胡佳胤 Jiayin Hu
摘要/Abstract:
Using cross-border holding data from all custodians in China’s Stock Connect, we provide evidence that Chinese mainland insiders tend to evade the see-through surveillance by round-tripping via the Stock Connect program. After the regulatory reform of Northbound Investor Identification in 2018, the correlation between insider trading and northbound flows decays, and so does the return predictability of northbound flows. The reduction of return predictability is especially pronounced among less prestigious foreign custodians and cross-operating mainland custodians, behind which mainland insiders are more likely to hide. Our analysis sheds light on the role of regulatory cooperation over capital market integration.
主讲人介绍/Biography:
Professor He is a financial economist whose expertise covers financial markets, financial institutions, and macroeconomics broadly. He is also conducting academic research on Chinese financial markets, and writing academic articles on new progress in the area of cryptocurrency and blockchains.
His research has been published in leading academic journals in finance and economics. After serving as associate editors for several leading academic journals, He served as the guest editor of the Review of Finance “Special Issue on China” and currently serves as the editor of the Review of Asset Pricing Studies.
Professor He received his bachelor and master degrees from the School of Economics and Management at Tsinghua University before receiving his PhD from the Kellogg School of Management at Northwestern University in 2008. He has been named a 2014 Alfred P. Sloan Research Fellow, and has won numerous awards for his outstanding scholastic record, including the Lehman Brothers Fellowship for Research Excellence in Finance, the Swiss Finance Institute Outstanding Paper Award, the Smith-Breeden First Prize, and the Brattle Group First Prize. Before joining the Chicago Booth faculty in 2008, he worked as a stock analyst at the China International Capital Corporation in Beijing in 2001 and visited the Bendheim Center for Finance at Princeton University as a post-doctoral fellow.
In Autumn 2015 Professor He was the Dean’s distinguished visiting scholar at Stanford University, Graduate School of Business, and in winter 2020 he is a visiting professor of finance at Yale University, School of Management. In January 2020, he testified at U.S.-China Economic and Security Review Commission (USCC) Hearing on “China’s Quest for Capital: Motivations, Methods, and Implications.”
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数字金融Workshop:Homemade Foreign Trading
发布日期：2023-07-08 12:00 来源：
第十六讲 Homemade Foreign Trading
时间/Time：7月8日周六 北京时间下午 2:00-3:30
地点/Venue：北京大学国家发展研究院（承泽园校区）245教室（校外人员线下参加，请扫描邮件下方二维码填写信息，申报入院）
主讲人/Speaker: 何治国 Zhiguo He
主持人/Host：胡佳胤 Jiayin Hu
摘要/Abstract:
Using cross-border holding data from all custodians in China’s Stock Connect, we provide evidence that Chinese mainland insiders tend to evade the see-through surveillance by round-tripping via the Stock Connect program. After the regulatory reform of Northbound Investor Identification in 2018, the correlation between insider trading and northbound flows decays, and so does the return predictability of northbound flows. The reduction of return predictability is especially pronounced among less prestigious foreign custodians and cross-operating mainland custodians, behind which mainland insiders are more likely to hide. Our analysis sheds light on the role of regulatory cooperation over capital market integration.
主讲人介绍/Biography:
Professor He is a financial economist whose expertise covers financial markets, financial institutions, and macroeconomics broadly. He is also conducting academic research on Chinese financial markets, and writing academic articles on new progress in the area of cryptocurrency and blockchains.
His research has been published in leading academic journals in finance and economics. After serving as associate editors for several leading academic journals, He served as the guest editor of the Review of Finance “Special Issue on China” and currently serves as the editor of the Review of Asset Pricing Studies.
Professor He received his bachelor and master degrees from the School of Economics and Management at Tsinghua University before receiving his PhD from the Kellogg School of Management at Northwestern University in 2008. He has been named a 2014 Alfred P. Sloan Research Fellow, and has won numerous awards for his outstanding scholastic record, including the Lehman Brothers Fellowship for Research Excellence in Finance, the Swiss Finance Institute Outstanding Paper Award, the Smith-Breeden First Prize, and the Brattle Group First Prize. Before joining the Chicago Booth faculty in 2008, he worked as a stock analyst at the China International Capital Corporation in Beijing in 2001 and visited the Bendheim Center for Finance at Princeton University as a post-doctoral fellow.
In Autumn 2015 Professor He was the Dean’s distinguished visiting scholar at Stanford University, Graduate School of Business, and in winter 2020 he is a visiting professor of finance at Yale University, School of Management. In January 2020, he testified at U.S.-China Economic and Security Review Commission (USCC) Hearing on “China’s Quest for Capital: Motivations, Methods, and Implications.”
线下参会请扫描下方二维码报名
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