主 题：The Impact of Salience on Investor Behavior: Evidence From a Natural Experiment（凸显度和投资者行为：来自自然实验的证据）
We test whether the salience of information causally affects investor behavior in a high stakes trading environment. Using investor level brokerage data from China and a natural experiment, we estimate the impact of a shock that increased the salience of a stock’s purchase price, but did not change the investor’s information set. We employ a difference-in-differences approach and find that the salience shock causally increased the disposition effect by 17%. We use microdata to document substantial heterogeneity across investors in the treatment effect. We then estimate an investor level proxy for “salient thinking,” and show that this explains the heterogeneity.
Baolian Wang is an assistant professor of finance at the Gabelli School of Business, Fordham University. He received his undergraduate and mater degrees from Tsinghua University and PhD in Finance from Hong Kong University of Science and Technology. He is mainly interested in empirical asset pricing, investor behavior and international finance. He has published at Journal of Financial Economics, Review of Financial Studies and other journals. His work has been presented at many prestigious conferences, including the American Finance Association annual conference, Miami Behavioral Finance Conference, Asian Bureau of Finance and Economic Research, European Finance Association annual conference, Financial Intermediation Research Society annual conference, China International Conference in Finance and many others.