At 11:00 p.m., November 2, 2022, the Business School of Central University of Finance and Economics (CUFE) held the 15th Session of the Business School’s Excellent Academic Forum Lecture Series in 2022 through online Tencent Meeting and offline meeting venues. Dr. Gao Zhennan from the Department of Finance and Financial Management of the Business School of Central University of Finance and Economics was invited as the keynote speaker of this lecture, and more than 30 people (including teachers, master and doctoral students, and undergraduate students) attended this lecture.

    Liu Wei, an associate professor from the Department of Organization and Human Resources Management of the Business School presided over this meeting and introduced Dr. Gao Zhennan’s resume. Dr. Gao Zhennan received his Ph.D. in Finance from Peking University. He is an assistant professor at the Business School of the Central University of Finance and Economics and a researcher at the China Asset Management Research Center. His main research interests are investor behavior and enterprise risk management. He has published many academic papers in important journals such as Financial Management and Journal of Portfolio Management, won academic awards such as Top Paper in Financial Management, and presided over a program funded by the National Natural Science Foundation of China.

    The topic of Dr. Gao Zhennan’s lecture is “Information Quality, Behavioral Bias and Performance”. This research regards the activation of the 4G network services in different cities from 2012 to 2014 as a quasi-natural experiment to explore the influence of the improvement of the diversity and quality of information obtained by individual stock investors on investors' trading behaviors. Based on the transaction data of Chinese individual stock investors, this paper adopts the DID model to study the impact of the activation of the 4G network services on investors’ trading volume, investment returns and behavioral biases. According to this paper, after a city has activated the 4G network services, the trading volume of investors decreases significantly, but there is an increase in trading of non-local stocks with high volatility and Beta values, and the investment returns increase significantly. This change is more significant among inexperienced investors.

After the sharing, the attending teachers and students actively participated in the discussion about the topic of the lecture delivered by Dr. Gao Zhennan, and Dr. Gao Zhennan answered their questions in an enthusiastic manner, further deepening their academic exchanges.

The “Excellent Academic Forum” is an academic exchange platform established by the Business School to fulfill the mission of “contributing new management knowledge”, which focuses on cutting-edge theoretical issues and organizational development dilemmas in the discipline of business administration and the Chinese enterprise management practice, and brings together frontier ideas and innovative ideas in China and abroad, so as to explore Chinese solutions for China's social and economic development.