The Second Annual Volatility Institute Conference at NYU Shanghai
The Role of Institutional and Retail Investors in Capital Markets
November 18, 2016
ORGANIZERS
Volatility Institute at NYU Shanghai
China Hedge Fund Research Center, SJTU
China Financial Futures Exchange
Pudong Institute of Finance
KEYNOTE SPEAKERS
- Robert Engle
2003 Nobel Laureate in Economics, Professor of Finance at NYU Stern School of Business
- Harrison Hong
Professor of Economics at Columbia University
CONFERENCE THEME
There is a large and growing literature focused on the comparative behavior of institutional and retail investors in capital markets. These papers document for various investor types: (i) differential trading patterns, (ii) typical characteristics of stocks bought by these investors, (iii) herding behavior under certain conditions, (iv) the return performance against benchmarks, and (v) various forms of speculation. Investor behavior is then studied for its impact on market efficiency, including liquidity, price discovery and volatility. Many of these studies focus on well-developed capital markets. As emerging markets are less developed, retail investors play an even greater role in trading. A case in point is China whose stock market capitalization is second highest globally, yet is underdeveloped and includes a large proportion of retail investors. The goal of this conference is to better understand the effect of retail versus institutional trading on capital markets. While the focus is on all markets, submissions are especially encouraged that focus on emerging capital markets, China in particular.
CONFERENCE PROGRAM
CONFERENCE SCIENTIFIC COMMITTEE
Professor Viral Acharya, NYU Stern School of Business, New York City, United States
Professor Menachem Brenner, NYU Stern School of Business, New York City, United States
Professor Jennifer Carpenter, NYU Stern School of Business, New York City, United States
Professor Robert Engle, NYU Stern School of Business, New York City, United States
Professor Stephen Figlewiski, NYU Stern School of Business, New York City, United States
Professor Matthew Richardson, NYU Stern School of Business, New York City, United States
Professor Qian Sun, Fudan University, Shanghai, China
Professor Jianye Wang, Volatility Institute, NYU Shanghai, Shanghai, China
Professor Robert Whitelaw, NYU Stern School of Business, New York City, United States
Professor Yexiao Xu, University of Texas at Dallas, Dallas, United States
Professor Hong Yan, Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, Shanghai, China
Professor Chu Zhang, Hong Kong University of Science and Technology, Hong Kong, China
Professor Harold Zhang, University of Texas at Dallas, Dallas, United States
Professor Zhenlong Zheng, Xiamen University, Xiamen, China
CORPORATE SPONSORS
Huatai Securities
China Financial Futures Exchange
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