Harvard Business School Association of Hong Kong

Lunch with HBS Professor Christopher Malloy

Event Date : 2017-04-26
Event Time : 12:30pm - 2:00pm
Event Venue : Metta office, 21/F California Tower, 30-32 D’Aguilar St, Lan Kwai Fong
Event Fee : HK$300 per member
HK$300 per guest
Event Sign-up Deadline : 2017-04-25
Contact Person for this event : Karin Cheung
For more information please email : events@hbsahk.org

Lunch with HBS Professor Christopher Malloy

Date: Wednesday, April 26, 2017
Time: 12:30pm to 2pm
Venue: Metta office, 21/F California Tower, 30-32 D’Aguilar St, Lan Kwai Fong, Central
Cost: HKD 300, click here to RSVP

"Behavioral Finance, Web Traffic, and Web Scraping"

Professor Malloy will present a brief overview of the field of behavioral finance, and then a look at two of his recent papers.  In his overview, Professor Malloy will summarize the advances of the past decade but also include some speculation about the most promising directions for the next decade, including social network analysis and the future of unstructured data. As an example of current and future work in the field, his paper "Lazy Prices" exploits data scraped from the SEC's website and shows that changes to the language and construction of annual financial reports (10-Ks) have strong predictive power for firms' future stock returns: a portfolio that shorts "changers" and buys "non-changers" earns up to 188 basis points per month (over 22% per year) in abnormal returns in the future. His next paper, "IQ from IP: Simplifying Search in Portfolio Choice" examines web traffic by institutional investors on the SEC's EDGAR servers between 2003 and 2016, and shows that mutual fund managers' gather information on a very particular subset of firms and insiders, and that their surveillance stays largely unchanged over time. The average tracked stock that an institution sells generates 7.5% in annualized abnormal returns, whereas the sale of an average non-tracked stock adds no alpha.


Christopher Malloy is the Sylvan C. Coleman Professor of Financial Management in the Finance Unit at Harvard Business School, and a Research Associate at the National Bureau of Economic Research.  Prior to joining HBS in 2007, Professor Malloy was an Assistant Professor in the Finance Department at London Business School, where he was on faculty from 2003-2007.  Professor Malloy currently teaches the second semester investment strategies and stock pitching courses at HBS, and has previously taught courses in behavioral finance, corporate finance, and equity investment management.  His research focuses on behavioral finance, asset pricing, investments and portfolio choice, labor economics, and empirical corporate finance.  His research has appeared in the Journal of Political Economy, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies, and has been described in The Financial Times, The Wall Street Journal, The New York Times, and various other media outlets. Professor Malloy received a PhD in Finance and an MBA from The University of Chicago Graduate School of Business, and a BA in Economics from Yale University. Before beginning his doctoral studies, he worked at the Board of Governors of the Federal Reserve System in Washington, DC in the Monetary and Financial Studies Section

RSVP: click here to secure a seat at this event. Places are limited and will be allocated on a first come first served basis, but please note that the HBS alumni will be given priority over guests if the event is over-subscribed. Reservation is by payment of non-refundable event fee. This is a private event, and participants are requested to respect the confidentiality of the views and opinions expressed. For enquiry, please contact Karin Cheung at events@hbsahk.org.

All rights reserved © 2000-2016 Harvard Business School Association of Hong Kong Ltd.