报告题目：Measuring Financial Literacy in Stock Market

报告所属学科：应用经济学

报告人：冯绪（天津大学）

报告时间：2023年9月13日 13:00-16:00

报告地点：经管学院702会议室

报告摘要：

We develop a new measure of retail investors’ financial literacy using textual analysis of social media data and show that it effectively distinguishes between investors with high and low financial literacy. Further, by constructing a firm-level textual financial literacy indicator, we find that the stocks of firms whose investors have high (vs. low) textual financial literacy have statistically and economically significant higher returns than their peers. We find that relative to investors with low financial literacy, those with high financial literacy are more informed, have better valuation skills and are more rational in their investment decisions. Our findings shed light on the role of financial literacy in asset pricing.

报告人简介：

冯绪，天津大学管理与经济学部教授，博导。研究方向为金融文本分析，人工智能与金融、影子银行等。在Journal of Management Information Systems、Journal of Money, Credit and Banking、Journal of Economic Dynamics and Control、《管理科学学报》等国内外期刊发表论文50余篇。论文多次入选CICF、CFRC等国际会议。担任Journal of Management Science and Engineering（管理科学学报英文版）协调编辑、Finance Research Letters副主编。