报告题目：The Two-System View of Cognition and Investor Choice

报告所属学科：管理科学与工程

报告人：许年行（中国人民大学）

报告时间：2026年4月22日 14:30-17:30

报告地点：经管学院702室

报告摘要：

This paper examines how investors’ effortless intuition (System 1) and deliberate reasoning (System 2) jointly influence their investment decisions. We assemble a novel dataset of livestream promotional events associated with the initial offerings of mutual funds in China between 2020 and 2024, a setting in which no prior performance records or portfolio disclosures are available, allowing us to isolate the effects of distinct cognitive processes. We find that investors’ intuitive favorable responses to presenters’ dynamic emotional displays, including vocal tone, facial expressiveness, and body movement, are positively and significantly related to subsequent fund subscriptions. This effect attenuates when livestreams convey (complex) information or feature fund managers in ways that engage investors’analytical processing, indicating that System 2 scrutiny can override System 1-driven impressions. Our novel evidence on the interaction of intuition and reasoning in shaping investment choices provides a basis for developing a richer positive theory of investor behavior.

报告人简介：

许年行，现任中国人民大学商学院财务与金融系主任，教授、博士生导师。主要研究方向是公司财务、气候金融和金融科技。先后获得国家自科杰青项目、优青项目、重大项目和原创探索计划项目，全国优秀博士学位论文，入选国家级青年人才计划和中组部首批“青年拔尖人才”（国家“万人计划”），荣获中国教师发展基金会首届“卓越青年研究生导师奖励基金”。已在本领域国内外一流期刊Journal of Financial Economics、Management Science、Journal of Financial and Quantitative Analysis 、Contemporary Accounting Research、Review of Finance、《经济研究》、《管理世界》、《管理科学学报》等发表论文50余篇。入选2020-2024年“爱思唯尔中国高被引学者”。学术成果先后获得中国高校人文社会科学研究优秀成果一等奖、二等奖和三等奖、中国金融学年会、China International Conference in Finance（CICF）、China Financial Research Conference（CFRC）、The Chinese Finance Association（TCFA）等国内外学术会议优秀论文奖。