【Speaker】Charles Cao，Professor, Penn State University and Tsinghua University

【Topic】Liquidity Costs, Return Smoothing, and Investor Flows: Evidence from a Separate Account Platform

【Time】Thursday, November 14, 13:45-15:15

【Venue】Room 501, Weilun Building, Tsinghua SEM.

【Language】English

【Organizer】Department of Finance

【Target Audience】Faculty Members and Graduate Students

【Background Information】

Charles Cao is The Smeal Chair Professor of Finance at the Department of Finance, the Smeal College of Business at the Pennsylvania State University. He received his Ph.D. in Finance from the University of Chicago's Graduate School of Business in 1993,M.S.fromthe University of Kentucky in1988,and B.S. from Peking University in 1984. Professor Cao's research interests include derivative securities markets, market microstructure, credit risk, mutual funds and hedge funds. His research has been published in a wide range of academic journals, including Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Financial Markets, and Journal of Econometrics