光华讲坛

主题：Are institutional investors subject to naïve reinforcement learning? Evidence from a field experiment in China

主讲人：西南财经大学会计学院田思杨

主持人：西南财经大学会计学院陈磊

时间：2021年10月12日上午11:00-12:30

举办地点：柳林校区通博楼D301会议室

主办单位：会计学院

主讲人简介：田思杨，男，金融学博士，西南财经大学财务管理副教授、硕士生导师，CFA持证人。

内容简介：This paper investigates the learning mechanism of institutional investors using a field experiment in which 1,078 institutional investors participate in allocation lotteries for Chinese IPO stocks. The random nature of the lottery causes exogenous shocks of experiencing gains or losses on the IPO stocks. We find that lottery winners who received a higher return in the IPO lottery, compared to lottery losers who simply observed the return, are more likely to participate in subsequent IPOs and bid more aggressively afterward. These findings align with naïve reinforcement learning theory wherein investors illogically update their beliefs and become over-optimistic if the investment outcome is good. Further analyses show that the naïve learning behavior is more concerned when the managers are inexperienced, relatively lower educated, male, or in a single-managed fund.