一、讲座主题：

Leverage is a Double-Edged Sword

二、主讲人：

杨学伟，南京大学教授、博士生导师。南开大学理学博士，香港城市大学经济与金融系博士后。主要研究兴趣为金融衍生品市场，投资者行为与金融创新，信用风险管理等。研究成果发表于Journal of Financial Economics，Review of Financial Studies，INFORMS Journal on Computing，Mathematical Finance等期刊。主持国家级科研项目4项。

三、主要内容：

We use proprietary data on intraday transactions at a futures brokerage to analyze how implied leverage influences trading performance. Across all investors, leverage is negatively related to performance, in part due to forced liquidations resulting from margin calls. We measure skill during a training period, and analyze the interaction between skill and leverage out of sample. Unskilled investors' leverage amplifies losses from lottery preferences and the disposition effect. Leverage stimulates de facto liquidity provision by skilled investors, and enhances their returns. Although regulatory increases in required margins slightly decrease skilled investors' returns, they enhance overall returns, and attenuate return volatility. This is a joint work with Avanidhar Subrahmanyam (UCLA), Ke Tang (Tsinghua U), and Jingyuan Wang (Beihang U).

四、时间：

11月29日14:30-15:30

五、地点：

腾讯会议

六、联系人：

周丽芳，联系方式：jjxyzls@sdu.edu.cn