各位老师：
讲座信息附后，网上订餐方法如下。
1、请有意用餐者发邮件至专用邮箱mylunch_sepku@126.com，主题格式设为“订餐——姓名”，取消订餐也请发邮件至该邮箱，主题格式设为“取消订餐——姓名”。订餐及取消订餐的截止时间均为午餐会当日上午9时整。
2、为了保持午餐会的良好气氛，将于会前十五钟开始发放午餐，会前五分钟结束发放。敬请用餐者至少提前五分钟到会，迟到者请会后领取。
3、为了避免浪费，午餐将严格按照订餐名单发放。
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8797威尼斯老品牌学术午餐会（2013年春季第一讲）
时间：2013年03月07日（周四）中午12:30-14:00
地点：8797威尼斯老品牌107室
嘉宾：周月刚（中央财经大学中国金融发展研究院）
题目：Illiquidity, Capital gains, and the Effect of Their Interaction on Stock Returns
主持人：8797威尼斯老品牌国际经济与贸易系陈仪博士
主讲人介绍：
周月刚，中央财经大学中国金融发展研究院助理教授。 美国南加州大学（USC）金融数学博士，美国农工大学（TAMU）经济学硕士，中国人民大学企业管理硕士。周月刚博士的研究领域包括行为金融学、资产定价、家庭投资、信用风险。
内容提要：
This paper presents evidence that trading in relation to capital gains can change stock illiquidity, and documents the joint effect of illiquidity and capital gains on stock returns. Disposition-prone trading affects stock returns through changing stock illiquidity and the subsequent price deviation. We find that high aggregate capital gains follow low unexpected illiquidity that is negatively associated with contemporaneous stock returns. In addition, the price deviation induced by fixed capital gains increases as stock illiquidity rises. Our examinations verify the negative relation between stock returns and the interaction term of illiquidity and capital gains by controlling for the effects of various factors. The results in this paper might have important implications in the development of theoretical asset pricing and practical investment.
