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SQA September 17th Seminar w/ Kelly Shue
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9/17/2018
When: Monday, September 17, 2018
5:30 PM


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SQA September 17th Seminar

 

Featuring:

 

Kelly Shue

 

Location: 1010data
4th Floor, 750 3rd Ave, New York, NY 10017

 

Can the Market Multiply and Divide?

Non-Proportional Thinking in Financial Markets

Join us for an evening with Professor Shue who will discuss her latest paper on behavioral finance and related research!

 

   Summary:Rational investors should focus on returns, i.e., proportional price changes. However, stock price movements are often reported in the media in terms of dollar changes rather than percentage changes. This may lead to a behavioral bias known as "non-proportional thinking." Investors may think that news should correspond to some dollar change in price rather than a percentage change in price. Professor Shue will show how non-proportional thinking in financial markets can: (1) lead to return under-reaction for high-priced stocks and over-reaction for low-priced stocks; (2) higher volatility and market beta for stocks with low share prices, controlling for size; and (3) explain the “leverage effect” puzzle, in which volatility is negatively related to past returns.  Her results calls into question the well-accepted notion that small caps are fundamentally more risky. 

Professor Shue will also discuss related findings from her prior research on how investors make mistakes in their perception of earnings news. These include contrast effects (when investors mistakenly think that earnings news today is more impressive if yesterday's earnings surprise was bad, and vice versa) and the ability of managers to distort the perception of good vs. bad news by varying their consistency (good news is more persuasive when it is more consistent, and bad news is less damaging when it is less consistent). 

 

Biography: Professor Shue's academic interests lie at the intersection of behavioral economics and empirical corporate finance. Her research has explored executive social networks, compensation and promotions, sequential decision errors, M&A, corporate social responsibility, persuasion in corporate financial reporting, and errors in voting. Her research has been featured in numerous news outlets including CNN, NPR, and the Wall Street Journal, and has been awarded the AQR Insight Award, the Wharton School-WRDS Award for Best Empirical Finance Paper, and the UBS Global Asset Management Award for Research in Investments. Before joining Yale, Professor Shue taught MBA Corporate Finance at the University of Chicago, Booth School of Business. 

  

 

 

Read Paper Here

 

 

 

Agenda

5:30 p.m. Cocktails & Networking

6:00 p.m. Presentation

7:00 p.m.Cocktails & Networking

 

Pricing

SQA Members: Regular or Academic - $50
Transitional or Student - $30
Non-Member Affiliated - $70(Contact your Affiliate Organization for your discount code)
Non-members - $90

 

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