【题 目】The Two-System View of Cognition and Investor Choice
【时 间】2026年3月25日（星期三），9:00-10:00
【线下参会地点】后主楼1722会议室
【线上参会方式】Zoom（请联系孙运传老师获取参会链接和密码）
【主持人】胡聪慧 教授（潮人论坛 ）
【主讲人】Li Kai, Professor, Sauder School of Business, University of British Columbia, Canada
【主办单位】潮人论坛 金融系
潮人论坛 金融大数据研究中心
Abstract: This paper examines how investors’ effortless intuition (System 1) and deliberative reasoning (System 2) jointly influence their decision-making. We construct a novel dataset of livestream promotional events linked to the initial offerings of mutual funds in China between 2020 and 2024. These events occur before any performance records or portfolio disclosures become available, providing a clean setting to isolate the effects of different cognitive processes. We find that investors’ intuitive favorable responses to the dynamic emotional displays of livestream presenters, including vocal tone, facial expressiveness, and body movement, are positively and significantly associated with fund subscriptions. However, this effect weakens when livestreams convey (complex) information or feature fund managers that require investors’ analytical processing. Our study provides novel evidence on how investors’ intuition (System 1) and reasoning (System 2) interact to influence their choices, offering a foundation for developing a positive theory of investor behavior.
Background Information： Professor Li holds the Canada Research Chair in Corporate Governance and W. Maurice Young Endowed Chair in Finance at the UBC Sauder School of Business, University of British Columbia. She is Managing Editor of Journal of Financial and Quantitative Analysis. Her research focuses on the economic consequences of corporate governance mechanisms. Her current research projects explore: (1) gender and finance, (2) corporate culture, and (3) green innovation. Her research has appeared in Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Journal of International Business Studies, and many other leading journals in Finance and Economics.