On May 16, 2025, the Institute of Finance and Economics Research at the Central University of Finance and Economics (CUFE) successfully hosted an insightful seminar in Room 314 of the Tupei Building. The seminar featured Associate Professor Dr. Zhang Yeqing, who delivered a compelling presentation titled “Investors’ Risk-taking Behaviors after ‘Escaping from Death’.”
Her research investigatesrisk-taking behaviors among investors who experienced paper gains during China’s 2007–08 bubble-crash episode, deemed as investors“escaping from death.”Using investor account data, the paper shows that investors who“escaped from death'' reduce risk-taking behaviors over the next five years.
This paper employed the Difference-in-Differences (DID) method combined with Propensity Score Matching (PSM)for identification. They exploited plausibly unexpected shocks to investors’performance during the bubble crash to address the endogeneity inherent in baseline effects analysis.Her findings revealed significant heterogeneity in post-crisis responses, influenced by age, wealth level, and prior investment experience.
The seminar sparked engaging discussion among faculty and students.Associate Professor Haosheng Yan gave valuable comments to the paper. The students also discussed the implications of these behavioral patterns for financial markets, portfolio management, and public policy.
This seminar is part of CUFE’s ongoing efforts to foster academic exchange, promote interdisciplinary research, and engage with real-world financial issues. Attendees praised the topic's depth of analysis and practical relevance, further solidifying CUFE’s role as a leading center for research in finance and economics.
供稿：张叶青 王伟James 审核：赵国钦 编辑：王萌
