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DESCRIPTION:\n\nMs. Nan Ma\, a doctoral student at 51³Ô¹ÏÍø in the
  Finance area will be presenting her thesis defense entitled:\n\nTwo Essay
 s on Asset Pricing and Information Economics\n\nWednesday\, March 5\, 2025
 \, at 1:00 p.m.\n	(The defense will be conducted on Zoom)\n\n \n\n \n\nStud
 ent Committee co-chairs: Professor Daniel Andrei and Professor Vihang R Er
 runza.\n\nPlease note that the Defence will be conducted on Zoom. Only the
  student and their committee members will participate in the presentation.
 \n\n\nAbstract\n\nThis thesis comprises two essays that explore the impact
  of information frictions and uncertainty on investor learning and asset p
 ricing in financial markets.\n\nThe first essay develops a theoretical fra
 mework examining how social information transmission within echo chambers 
 affects financial markets. The results reveal that investors who acquire p
 rivate information through word-of-mouth communication within echo chamber
 s develop unconscious biases in the information-sharing process. These bia
 ses foster polarized views among investors\, contributing to belief polari
 zation\, increased trading volume\, and influencing asset expected returns
 . I further show the speed-up of communication intensifies these effects.
 \n\nThe second essay investigates how uncertainty resolution influences th
 e well-known momentum and value anomalies\, shedding light on their theore
 tical origins. I first provide empirical evidence that momentum and value 
 anomalies predominantly earn abnormal returns on days of high and low mark
 et uncertainty resolution\, respectively. A theoretical model is further d
 eveloped to explain this empirical pattern\, offering economic insights in
 to the anomalies’ abnormal returns and their connection to market uncertai
 nty resolution.\n
DTSTART:20250305T180000Z
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SUMMARY:PhD Thesis Defense Presentation: Nan Ma
URL:/desautels/channels/event/phd-thesis-defense-prese
 ntation-nan-ma-363889
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