Dr Jason Yi wins the Best Paper Award for his co-authored paper at the securities and financial markets conference


易龍博士的合著論文喜獲證券及財務市場學術會議頒發「最佳論文獎」

Date: 10 Jan 2017 (Tuesday)

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Finance scholar wins Best Paper Award at securities and financial markets conference

財務及決策學系學者合著論文 獲證券及財務市場學術會議「最佳論文獎」

Dr Jason Yi, Research Assistant Professor of the Department of Finance and Decision Sciences, School of Business, won the Best Paper Award (First Prize) at the 24th Conference on the Theories and Practices of Securities and Financial Markets held by the National Sun Yat-sen University in Taiwan last month. The award was presented to Dr Yi for his co-authored paper with Professor Hwang Chuan-yang from the Nanyang Technological University and Professor Wong Kit-pong from The University of Hong Kong.

Entitled “Why do high dispersion stocks earn low returns? Evidence from institutional ownership”, the winning paper adopted an innovative way to explain why stocks with high dispersion in analysts’ forecasts lead to high uncertainty and low returns. The research findings suggested that analyst forecast bias often results in the overpricing of stocks with high dispersion. 

Dr Yi said: “The research idea is generated from utilising methodology from corporate finance in asset-pricing studies. I would say that integrating different research areas helps a lot in my research findings.”

工商管理學院財務及決策學系研究助理教授易龍博士上月在台灣國立中山大學舉行的第24屆證券暨金融市場理論與實務研討會上,獲頒發「最佳論文獎 (第一名)」,表揚他與南洋理工大學黃群仰教授和香港大學王傑邦教授共同撰寫的論文「為何高分散股票的回報率低」。
   
該得獎論文以創新方法解釋為何股票分析員的報告中,盈利預測分歧較大的股票會存在更多未知之數,而且回報較低。他們的研究發現如分析員預測有偏頗,往往會導致股票定價過高,預測分歧也愈大。

易龍博士表示:「這論文是引用企業財務學中資產價格的研究方法作分析,融合了不同的研究領域,有助證實研究結果。」