“文澜大讲堂”是以我校首任校长范文澜先生名字命名的，高层次、开放式、多维度的精品学术活动品牌，分为名家讲坛、新锐论坛、校友专场三个子品牌活动，旨在为广大研究生提供学术前沿信息及知识交流平台。开办至今，“文澜大讲堂”推动学术交流发展、营造良好的学术氛围，为我校广大学子与各界专家学者之间搭建学术沟通桥梁，对于进一步活跃校园文化、繁荣学术研究、塑造人文精神、展现时代风采作出了积极贡献。
活动主题：《How Indexed Investment Erodes Stock Market Efficiency》
Because actively managed portfolios do not outperform market indexes in informationally efficient stock markets, savings increasingly flow to lower-cost index funds, which simply buy and hold the stocks in a major index, such as the S&P 500. If this diverts capital away from moving prices towards fundamentals, increased indexing may render stock markets decreasingly efficient. Using firms added to or dropped from the S&P 500, we find that exogenous idiosyncratic information events move firms' stocks significantly less when those firms are in the index than when they are not. Idiosyncratic information events are used because, as Samuelson noted, stock market efficiency is more evident in individual stocks' idiosyncratic price changes than in market-wide price movements. Alternative explanations are tested and rejected. Increased indexing may thus be undermining the efficient markets hypothesis that supports its viability, and much else in the real economy.
主讲人介绍
主讲：Randall Morck教授，为阿尔伯塔大学商学院财务金融系的首席教授、Stephen A. Jarislowsky