主题：Animal Spirits on Steroids: Evidence from Retail Options Trading in India
主讲人：Nagpurnanand Prabhala，约翰霍普金斯大学教授
时间：10月22日（周三）上午10:00-11:30
地点：4-101教室
语言：英文
摘要：
We analyze a market-wide panel dataset on retail options trading from India, a market with an 80% share in option contracts traded worldwide. Retail traders concentrate in and dominate index options trading. They exhibit short-term speculative behavior with significant day trading, short-duration directional bets especially as options converge to 0DTE and make significant losses. Three natural experiments indicate that financial constraints and lottery-like preferences likely shape investor behavior. An exogenous increase in the supply of short-maturity options induces trading. Lot-size increases and delivery margins trying to curb speculation are offset by shifts to small ticket-size, riskier options. While financial market participation increases welfare in canonical household finance models, it can also entrench speculative behavior that is difficult to undo.
主讲人介绍：
Dr. Prabhala is the Francis J. Carey, Jr. Endowed Professor in Business and Professor of Finance with the Carey Business School. His primary research interests are in empirical corporate finance and financial intermediation. Prior to joining Carey, Prabhala was Professor and head of the finance area at University of Maryland, College Park. Prabhala also has served as research head at CAFRAL, Reserve Bank of India, and has taught at Indian School of Business, National University of Singapore, and Yale School of Management. His recent research focuses on using spatial methods to understand competition between firms, between actively managed funds, and in the venture capital industry. In addition, he has studied director elections and diversity in boards of directors, the FinTech areas of peer to peer lending and robo-advising, the adoption of FinTech by individuals and banks, and several issues in banking including bank runs, monetary transmission, creditor rights, and bank financing of small firms.
