主题：Gender Difference in Tolerance of Sexual Crimes: Evidence from a Natural Experiment in the Stock Market

主讲人：高华声，复旦大学泛海国际金融学院教授

时间：3月25日（周四）下午15:00-17:30

地点：经管学院A204

主办单位：999策略白菜手机论坛会计系

讲座主要内容：

We present evidence that males are more tolerant of sex crimes than females. Our tests exploit a natural experiment in the stock market, in which a public firm CEO is arrested by raping a 9-year-old girl. Based on the account-level stock trading data, we show that, in response to such a crime, males are more likely to hold this firm’s stock than females. Such a gender difference is stronger among more sophisticated investors, and reduces females’ trading profits. We further show that our findings are unlikely driven by gender differences in other aspects (such as the differences in trading frequency, risk preference, etc.), and that the gender difference towards sex crimes is significantly larger than other non-sexual-related scandals. Overall, our paper makes an important first step in understanding the impact of individual investors’ social preference on their stock trading decisions.

主讲人简介：

高华声，复旦大学泛海国际金融学院副院长、金融学正教授、博士生导师。他曾任新加坡南洋理工大学南洋商学院金融学副教授（终身教职）。研究方向有公司财务、企业创新、管理层薪酬等。论文发表在Journal of Financial Economics, Journal of Accounting and Economics, Management Science, Journal of Financial and Quantitative Analysis, Harvard Business Review等国际知名学术期刊，并被《华尔街日报》《纽约时报》《时代周刊》《经济学人》等国际主流媒体广泛报道。

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