学术活动

标题:

日期和时间: 

2025年3月28日 (周五) 

10:30 - 12:00 

地点

综合教学楼D804会议室

主讲人:

Vikas Agarwal教授

佐治亚州立大学

We analyze a market-wide panel dataset on retail options from India, which has an 80% share in option contracts traded worldwide. Retail participation dominates and is concentrated in index options. Traders exhibit short-term speculative behavior with day trading and short-duration directional bets especially as options converge to 0DTE. Three natural experiments indicate that financial constraints and lottery-like preferences drive investor behavior. An exogenous supply shift induces trading and shifts volume to short-term options. Lot-size increases and delivery margins targeting speculation are offset by speculative shifts to cheaper and riskier options. While stock market inclusion and participation increase welfare in canonical household finance models, they can also entrench speculative behavior that is difficult to undo.

主讲人简介:

Vikas Agarwal是佐治亚大学系统杰出大学教授，同时也是佐治亚州立大学 J. Mack Robinson 商学院金融学教授。Vikas在伦敦商学院获得金融学博士学位。他是德国科隆大学金融研究中心的研究员，还担任法国EDHEC风险与资产管理中心的研究员。其研究领域涵盖投资学、家庭金融、私募股权及行为金融学等多个方向。他的文章发表于Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Review of Finance, and Management Science等国际顶级学术期刊。