神戸大学金融研究会
神戸大学金融研究会12月例会
Monetary Economics Seminar of Kobe University
第612回
基盤研究(B)「中国のイノベーションとその社会実装に関する政治経済的分析」主催、RIEBセミナー共催
Hosted by Grant-in-Aid for Scientific Research (B) / Jointly supported by RIEB Seminar
| 日時 Date & Time |
2022年12月10日（土）10:00～11:30 |
|---|---|
| 会場 Place |
Zoomを使ったオンラインセミナー |
| 対象 Intended Audience |
会員の方のみ The seminar is for the workshop members only. |
| 使用言語 Language |
英語 English |
| 備考 Note |
報告資料は参加者のみに事前にお送りします Slides data will be sent to the attendees only. |
10:00am ～ 11:30am
- 論題
Topic - Does Sentiment Depend on Reference Level? Evidence from Hong Kong Typhoon Signals
- 報告者
Speaker - Jinghan CAI (Department of Economics and Finance, Kania School of Management, University of Scranton)
- 概要
Abstract - Using the typhoon signal mechanism in Hong Kong as a natural experiment, we find empirical evidence supporting the expectation-based reference-dependent preference through sentiment created by day-offs from typhoons. First, sentiment is experienced relative to a reference level: The stock market gains from likely day-off from looming typhoons and it is stronger than the holiday effect from weekends and public holidays. Second, the reference level is based on expectation: The market gains more under strengthening typhoon signals but less under weakening signals. Third, not-so-informative good news can be undesirable: The market drops under weak standby signals.