演讲主题：Does mind matter?Mental health and asset (consumption) allocation.

主讲人：沈建成，苏州大学东吴商学院特聘金融教授，博士生导师。

内容简介：

Mental instability triggered by external shocks has micro- and macro-economic consequences. This paper builds on the hypothesis that portfolio and consumption choices may convey valuable information for gauging an individual or a group’s mental health condition. We set up a household-based model to study the agents’ decision-making process in response to mental health shocks and a DSGE framework to capture the macro-economic effect of health shocks. The mental health shock enters the household’s optimal decision rule through two channels: output channel and risk channel. From an individual level, the effect of mental health shock depends on household’s risk preferences. Risk-aversion households tend to increase their safe asset holdings and mental health spending to hedge the health risk. The simulation results show that mental health state is negatively related to the bond-to-equity holding ratio and positively related to the durable good consumption comparing with the non-durable good expenditure. Our theory discusses the role of mental health in the household’s investment and economic decision makings and further explores the overall market effects of mental health.

主讲人简介：沈建成，苏州大学东吴商学院特聘金融教授，博士生导师。曾在美国的泰勒大学（Taylor University)，丽金大学(Regent University)，欧道明大学(Old Dominion University)讲授过财务管理，国际金融，国际商务，微观经济学，经济学概论，商业概论以及彭博数据库等课程。研究领域是金融经济，行为金融，金融科技。其论文发表在Journal of Banking and Finance，Journal of Behavioral Finance, Journal of Real Estate Finance and Economics, Information and Management， Industrial Marketing Management等国际知名期刊。担任过Journal of Asset Management, International Review of Economics and Finance, Journal of Business Research等期刊和瑞士国家自然基金的匿名审稿人。

时间：11月10日下午14:00-15:00

地点：知新楼B423

主办单位：龙门客栈资料库