May 18, 2021 (Tue), 20:00 - 21:15 Hong Kong time
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Behavioral finance as a field has grown dramatically in popularity over the last three decades. The field has documented systematic patterns of investor behavior and prices that are consistent with experimental evidence in psychology, rather than economic theory. However, both practitioners and critics of behavioral finance have pointed out a few important reasons for skepticism. One of the most prominent ones is the fact that most of the evidence in psychology – which underpins the field – comes from experiments with little at stake for participants. The argument goes that once we examine behavior in situations with high stakes – like real-world financial decisions – many documented biases might disappear. In this seminar, Professor Nielsen addresses the important critique of behavioral finance and provide compelling evidence in favor of behavioral finance: Mistakes do not disappear when stakes are raised, even when this increase is substantial.
Professor Kasper Meisner Nielsen is Professor of Finance at Copenhagen Business School and Adjunct Professor Finance at HKUST. He received his Bachelor of Science, Master of Science, and Ph.D. degrees in Economics from the University of Copenhagen. Professor Nielsen previously taught at HKUST and Chinese University of Hong Kong, and has been a visiting scholar at Stern School of Business at New York University. From 2015 to 2018 he was the Academic Director of the HKUST-NYU Master of Global Finance program.
Professor Nielsen’s research interests are behavioral finance, corporate governance, family business, and household finance. His research has featured in international newspapers and magazines including Business Week, Financial Times, Harvard Business Review, International Herald Tribune, The Economist, The Times of India, and Wall Street Journal.
He has studied the consequence of family succession on firm performance, the value of independent directors, why individuals shy away from stocks, the effect of personal exposure to the global financial crisis on risk taking, and households’ decisions to refinance their mortgage. His work has been published in academic journals including American Economic Review, The Quarterly Journal of Economics, Journal of Financial Economics, Review of Financial Studies, Management Science, and Review of Finance. His research has been awarded with external financing from competitive research grants on several occasions.
On his area of expertise Professor Nielsen has served as an external advisor, consultant, and lecturer to government agencies and companies in China, Denmark, and Hong Kong. He has been invited to present his research in more than 150 institutions in 32 countries.
Seminar Schedule (Hong Kong time)
20:00 Registration 20:05 Welcome and Introduction 20:15 Presentation 21:00 Q & A 21:15 End