“正午阳光——青年学者论坛”是金融学院定期举办的以院内师生参与为主的学术交流活动，为全院专家学者之间、师生之间、南开金融与国际国内学术界之间提供了难得的交流机会。本学期“正午阳光”论坛初心不改，扬帆远航再出发，致力于营造学院学校科研氛围，推动师生学术科研水平不断提升！

2025年春季学期 “正午阳光——青年学者论坛”第8期活动安排如下：

讲座题目：Extrapolation and Market Reactions to News

主讲人：田佳兴

香港中文大学（深圳）经管学院助理教授，伦敦政治经济学院金融博士。研究领域：养老金与保险、可持续投资、资产定价。

点评人：田达

南开大学金融学院助理教授，佛罗里达大学金融博士。研究领域：公司金融，ESG。

讲座时间：2025年11月6日（周四）12:00-13:30

讲座地点：金融学院116教室

内容摘要

We document a novel news extrapolation behavior among investors, which distorts the market reaction to corporate news. Specifically, investors tend to extrapolate the value of past news in the immediate reaction to the newly arrived news. News extrapolation generates a biased price reaction to news, which is completely reversed afterwards. Furthermore, the tendency of news extrapolation is related to the recency, consistency, and value uncertainty of news. Investors extrapolate not only from news of the same category but also from news of different categories. By analyzing the trading behavior and sentiment of different investor groups, we find that retail investors tend to be news extrapolators, while institutional investors trade against the news extrapolators.