太阳集团tcy8722举办系列学术讲座

曹顺副教授作“Managerial Risk Assessment and Fund Performance: Evidence from Textual Disclosure”主题报告

为迎接我校40周年校庆，太阳集团tcy8722持续开展一系列学术讲座。2023年7月7日上午，学院邀请美国马里兰大学曹顺副教授作专题学术讲座。本次讲座由太阳集团tcy8722祝赵波助理教授主持。

                                 

曹顺以“Managerial Risk Assessment and Fund Performance: Evidence from Textual Disclosure”为主题，重点介绍其近期的研究成果，主要内容如下：Fund managers' ability to evaluate risk has important implications for their portfolio management and performance. We use a state-of-the-art deep learning model to measure fund managers' forward-looking risk assessments from their narrative discussions. We validate that managers’ negative (positive) risk assessments lead to subsequent decreases (increases) in their portfolio risk-taking. However, only managers who identify negative risk generate superior risk-adjusted returns and higher Sharpe ratios, consistent with the evidence that cautious managers have better intraquarter trading skills and are less subject to overconfidence biases. Only sophisticated investors respond to the narrative-based risk assessment measure, suggesting limited attention by retail investors.

讲座结束后，曹顺还与学院师生进行了深入交流，现场学术交流气氛踊跃。


主讲嘉宾介绍：

                           

曹顺，现任美国马里兰大学商学院终身副教授，加入马里兰大学前任佐治亚州立大学商学院会计学副教授。主要研究领域为公司信息披露、金融科技、人工智能。他在顶级学术期刊和国内外会议上发表众多研究成果，包括 Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Accounting Research, The Accounting Review, Contemporary Accounting Research和IEEE Computer等。其多项研究成果获得最佳论文奖，经常受邀参与世界知名企业的研讨，如 State Street Boston、Grant Thornton、蚂蚁金融、百度和京东等。曹顺副教授曾担任Management Science客座副主编（Guest Associate Editor）。