题目：The Effect of Regret
时间：2014年1月3日（周五）14:30-16：00
地点：嘉庚二号楼501教室
报告人：吴飞，上海交通大学上海高级金融学院金融学副教授、MBA项目主任
主持人：Tony Ruan, assistant professor of finance, IFAS
论文摘要：
The aversion to future regret has been proposed as an explanation for many puzzles in both economics and finance. Yet very few studies (particularly outside of an experimental setting) have directly analyzed the effect of experienced regret on subsequent decision making. We empirically investigate the effect of regret on future decisions in the context of stock-trading strategies by individual investors. Using data for all orders submitted by individual investors on the Shanghai Stock Exchange for one year, we find that people are more likely to change their order strategy, i.e., whether to place a patient or impatient order, after experiencing regret over their most recently submitted order. Consistent with the predictions of regret theory, we find that the effect of regret on the next order placed is stronger if the prior order was executed rather than unexecuted (i.e., action leads to more regret than inaction), if the investor lost money on the prior trade (i.e., a worse mood amplifies the effect of regret), and if the prior order represented an unusual trading strategy for the individual. Moreover, the emotionally-charged decisions made because of regret lead to worse outcomes for investors, with poor returns resulting from regret-based stock orders. The totality of these results rules out rational learning as an alternative explanation for the order strategy employed by investors in this setting.
报告人简介：
吴飞博士是上海交通大学上海高级金融学院金融学副教授、MBA项目主任。在加入上海高级金融学院之前，担任江西财经大学金融管理国际研究院副院长和新西兰梅西大学金融系高级讲师。吴飞博士主要研究领域是行为金融，市场微观结构和国际金融市场。他在国际学术期刊发表论文20多篇，包括: Financial Management, Journal of Banking and Finance, Journal of Empirical Finance, 和Journal of Financial Markets等。其论文获2011年全美华人金融协会“中国金融市场”最佳论文奖。吴飞博士曾入选教育部“新世纪优秀人才”。现任亚洲金融协会（Asian Finance Association）理事和2013年亚洲金融协会年会共同主席, 国际期刊Emerging Market Finance and Trade特约主编，International Journal of Managerial Finance 和 IEB International Journal of Finance 编委。
论文：