Biography
Prof. Avanidhar Subrahmanyam
Prof. Avanidhar Subrahmanyam
University of California at Los Angeles, USA
Title: Momentum, Reversals, and Investor Clientele
Abstract: 
The identical cash flow and control rights of Chinese A and B shares provide a natural experiment to explore how investor clienteles affect stock returns. Currency conversion restrictions discourage domestic retail investors from investing in B shares, whereas quotas constrain foreign institutions' investment in A shares. We find that only B shares exhibit momentum and earnings drift, and only A shares exhibit short-term reversals. Institutional ownership strengthens momentum in B shares. These return patterns are consistent with a model that includes institutions, who underreact due to skepticism about outside information sources, and retail investors, who trade on noise.
Biography: 

Professor Subrahmanyam ("Subra") is currently a Distinguished Professor of Finance and the Goldyne and Irwin Hearsh Chair in Money and Banking at UCLA. He received his Ph.D. in finance from the Anderson School in 1990. He was Assistant Professor at Columbia University from 1990 to 1993, and Visiting Associate Professor at Anderson in 1993-1994. Professor Subrahmanyam is the author or coauthor of more than a hundred refereed journal articles on these and other subjects in leading finance and economics journals. He is among the most-cited scholars in his research cohort (those receiving first-time finance-related positions from 1990 onwards). The Google Scholar count of published papers that each cite at least one of his papers works out to be more than 36,000. He has received several awards for his research, including best paper awards at the Journal of Finance, Journal of Financial Economics, Western Finance Association meetings and the International Conference of Finance in Taiwan, and has been nominated for best paper awards several times at the Journal of Finance. He has given more than fifty keynote speeches on behavioral finance and financial liquidity at various locations in the world to both academics and practitioners, including areas as diverse as Brazil, Australia, Taiwan, Singapore, France, and England over the past five years.