主题：Procyclical Learning Asymmetry: Evidence from

Financial Professionals

报告时间：2024年3月28日上午10：00

线下地点：文化中心305

摘要：Despite the prevalence of booms and busts, little is known about how investors learn from financial information during these cycles. We prime financial professionals with either a boom or a bust scenario and find that boom-primed professionals exhibit asymmetric learning from positive and negative information, while bust-primed professionals do not. This procyclical learning asymmetry may be attributed to emotion-driven associative memory. Professionals without bubble-crash experience and nonfinancial professionals do not show procyclical learning asymmetry. Our findings shed light on the dynamics of belief formation over the business cycle and may have important implications for both micro- and macroeconomic activity.

个人简介：牛晓飞，男，管理学博士，教授 (破格晋升)，现任职于山东大学威廉希尔/类脑经济学研究中心，山东省泰山学者青年专家 (破格评选)，研究领域为神经经济与神经金融学、以及行为与实验经济学，研究成果以第一或通讯作者身份发表于Management Science和Proceedings of the National Academy of Sciences等国际顶尖期刊，获得国家自然科学基金青年项目的资助。