Science Building A1514, Tencent Conference ID:160699500
Tang Guohao, Associate Professor, School of Finance and Statistics, Hunan University
We propose an employee sentiment index, which complements investor sentiment and manager sentiment indices, and find that high employee sentiment predicts a subsequent low market return, significant both in- and out-of-sample. The predictability can also deliver sizable economic gains for mean-variance investors. The employee sentiment’s impact is stronger among employees who work in the headquarters state and among less experienced employees. The economic driving force of the predictability is distinct: high employee sentiment leads to high contemporaneous wage growth due to immobility, which in turn results in subsequently lower firm cash flow and lower stock return.
Brief introduction of the speaker:
Tang Guohao, Doctor of Finance from Central University of Finance and Economics, visiting scholar of Washington University in St. Louis, USA. Research fields are empirical asset pricing, machine learning, and behavioral finance. The main papers were published on the top international financial journals including Journal of Quantitative and Financial Analysis and Journal of Banking and Finance, Journal of Financial Research, China Economic Quarterly and other high-level journals at home and abroad. Hosted the Youth Project of the National Natural Science Foundation of China and the Youth Project of the Natural Science Foundation of Hunan Province. Won the school's outstanding teaching award, the college's scientific research breakthrough award, the first prize of the college teaching competition, the second prize of the school teaching competition, the undergraduate excellent graduation thesis instructor.