题　目：Does financial livestream change mutual funds’ sailing in digital era

嘉　宾：张小茜 教授 浙江大学

主持人：幸婧 副教授 开云网页登录 安泰经济与管理学院

时　间：2024年12月04日（周三）13:30-15:00

地　点：开云网页登录 徐汇校区安泰楼A407室

内容简介:

Fintech is reshaping financial markets dramatically. Using livestream data from Alipay and sampled account-level transaction data, we investigate the impact of financial livestreams on investors’ mutual fund trading behavior. Funds promoted through financial livestreams see significant increases in subscription amounts, subscription counts, and holdings. A positive correlation exists between financial livestream conversion rates and recommended fund subscriptions. Heterogeneity analysis reveal that the impact of financial livestreams on fund subscriptions is most prominent in bond funds and index funds, as well as funds with higher fund performance. Exploring the mechanisms further, we find that longer explanation times for individual funds during financial livestreams correlate with higher fund subscription volumes, indicating a significant information effect. Additionally, financial livestreams encourage investors with high risk tolerance to increase subscriptions to high-risk funds, facilitating risk matching between investors and fund products. Regarding advertising effects, there is no spillover effect for the fund in the same family. This paper extends the application of digital media in the financial market from the perspective of financial livestream.

演讲人简介：

张小茜，浙江大学经济学院教授，金融学博导，西方经济学、产业经济学、数量经济学硕导，浙江大学金融研究院、浙江大学民营经济研究中心研究员，首批浙江省之江青年，荷兰Tilburg大学金融系博士后，美国芝加哥大学、哥伦比亚大学访问学者。曾挂职浙江大学社会开云足球app官方下载安装 院院长助理，现任浙江大学证券期货研究所副所长、浙大经院新结构经济学研究中心副主任。主要研究领域为公司治理、地方政府和金融机构风险管理、衍生品及其场外应用等，主持国家自然科学基金、国家社科基金、教育部基地重大项目、国家高端智库重点课题、国家发改委、中国金融期货交易所等项目，已在《经济研究》、《金融研究》、《世界经济》、《中国工业经济》、《财贸经济》、《系统工程理论与实践》、China Economic Review等期刊发表，出版专著4部。与大连商品交易所共建《期货市场理论与实务》（浙江省一流课程）、与中国金融期货交易所共建《衍生金融工具》（浙江大学校企共建精品课程），主持撰写《平台+媒体+绿色：解构淘宝直播新动力》、《城投平台的转型之路—基于上海城投的案例研究》、《多轮混改助力双链布局—民营炼化巨头荣盛石化》等获浙江省优秀案例。

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