| 主讲人简介： | Grace Xing Hu is currently an associate professor at PBC School of Finance, Tsinghua University. Prior to joining PBC School of Finance, she was an assistant professor in Finance at the University of Hong Kong between 2011 and 2019. Grace received her Ph.D. in Economics from Princeton in 2011. She also holds a B.S. in Computer Science from the University of Science and Technology of China, and a M.S. from Northwestern University. Grace’s research focus is on empirical asset pricing, in particular, liquidity, credit risk, and financial crises. Her work has been published in leading academic journals, such as Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Annual Review of Financial Economics, and International Review of Finance. |
| 讲座简介： | This paper examines the role of investor learning in price discovery following important macroeconomic announcements. Using unscheduled macroeconomic news released outside regular Chinese stock market hours, we analyze how investors’ overnight learning, in the absence of trading, affects price discovery. Our findings show that overnight learning helps level the information playing field among heterogeneous investors, leading to more efficient price discovery and reduced information asymmetry at market opening. Retail investors benefit particularly from this process, evidenced by increased trading activity and reduced return reversals during the trading day compared to overnight returns. |
