Accounting Seminar (2019-13)

Topic: Incentive schemes, framing, and market behaviour: evidence from an asset-market experiment

Speaker: Xuegang Cui,Professor,Business School, Beijing Normal University

Time: Wednesday, 23 Oct, 10:00-11:30

Location: Room K02, Guanghua Building 2

Abstract:

We investigate how asset prices and trading behaviour are impacted by the structure and framing of incentives, using a lab experiment. Subjects buy and sell a high-risk asset, a low-risk asset, and riskless cash over 10 rounds. We vary, between-subjects, the incentive scheme (relative versus absolute performance), and how the variable component of incentives is framed (bonus versus penalty). Both relative-performance (tournament) incentives and penalty framing are associated with significant increases in the price of the high-risk asset, relative to either its fundamental value or to the price of the low-risk asset. Additional analysis shows significant gender differences in trading behaviour and performance, and evidence that the two are connected.

Introduction:

崔学刚，北京师范大学经济与工商管理学院副院长、会计学教授、博士生导师，认知神经管理学实验室主任。目前主要研究领域为行为与神经会计学、智能会计、医院管理会计。入选教育部新世纪优秀人才、财政部首批全国会计领军人才(学术类)、财政部全国会计领军人才特殊支持计划、北京市社科理论中青年“百人工程”，兼任中国会计学会财务管理专业委员会委员、中国管理科学与工程学会-神经管理与神经工程研究会常务理事、中国技术经济学会神经经济管理专业委员会常务委员、中国总会计师协会卫生健康分会首届特聘专家、北京市卫生经济学会理事、 北京市卫生经济学会财经专委会顾问，主持国家自然基金、国家社科基金、教育部人文社科规划项目、北京市自然基金、北京市社科基金等国家与省部级课题10余项，在Abacus，International Journal of Finance and Economics，Neuroscience，Personal and Ubiquitous Computing，Annals of telecommunication,《会计研究》等国内外学术期刊发表论文60余篇，先后获得北京市哲学社会科学优秀成果奖(2次)、北京市教育教学成果奖一等奖（1次）和二等奖（2次）、中国产学研合作创新奖(个人)、财政部中国会计学会优秀论文奖等科研奖项。

Your participation is warmly welcomed!