商学大讲堂系列学术讲座（291）---学术名家讲坛（第106讲）

讲座题目：Informative salient signal loss and stock return volatility

主讲嘉宾： 安云碧

时间：2026年4月28日9:00---11:00

地点：太阳成集团tyc33455cc116东方厅

欢迎广大师生参加！

太阳成集团tyc33455cc

2026年4月22日

主讲嘉宾简介

安云碧教授，加拿大皇后大学金融学博士，现任加拿大温莎大学Odette太阳成集团tyc33455cc金融学教授，其主要研究领域包括公司财务金融、资产组合选择、期权定价、风险管理等。曾在Journal of Corporate Finance, Financial Management, Journal of Banking and Finance, Journal of International Money and Finance, Small Business Economics, Journal of Business Finance and Accounting和Journal of Futures Markets等国际期刊发表论文五十多篇。安教授的学术成果得到了国内外金融理论与实务界的广泛承认，多次受邀参加EFMA, EFA, MFA, 以及NFA等举办的金融学年会，并担任许多国际著名期刊的审稿专家。

讲座主要内容

We investigate how the loss of informative salient signals in financial markets influences stock return volatility, using the 2024 intraday disclosure reform of the mainland China-Hong Kong Stock Connect program as a natural experiment. The reform eliminated the real-time disclosure of northbound capital (NC) flows on trading platforms, rendering NC trading information invisible to Chinese investors during market hours. We find that the removal of NC signals induces increased investor belief dispersion and intensifies informed trading, thereby amplifying intraday volatility in NC-eligible stocks. Moreover, this effect is more pronounced for stocks with higher investor attention, indicating that attentive investors suffer stronger anchor loss when NC signals disappear. In contrast, lottery-type stocks and stocks with alternative NC trading clues exhibit weaker volatility responses, since the presence of strong alternative signals reduces the effect of NC signal loss. These findings highlight the informational role of insightful salient signals in stabilizing stock returns.