YUSHUI SHI


Senior Lecturer (Assistant Professor)  in Finance

Department of Banking and Finance

Monash Business School, Monash University



Research Interests

Empirical Asset Pricing, Investment, Behavioral Finance, Financial Network, Household/Retail Investor Behavior, Machine learning application, Chinese Market                                                

Publications

Do People Feel Less at Risk? Evidence from Disaster Experience, Journal of Financial Economics, 138 (8), December 2020, 866-888.

(with Yu-Jane Liu and Ming Gao) 
By exploring a novel identification strategy based on households’ expectations, we find that households perceive less risk when they experience "lucky" disasters that have lower actual fatalities than what was expected. 

Working Papers

Do Sell-Side Analysts Say “Buy” while Whispering “Sell”?, Review of Finance, Forthcoming

(with David Hirshleifer and Weili Wu)
Stock analysts differentiate their disclosure strategies toward different targets by telling the public to buy in their public recommendations while whispering their connected fund managers to sell.
  • Conference: NFA Ph.D. session, FMA Doctoral Student Consortium Job Market Paper Presentations  
  • Media Coverage: Canadian Investment Review

Retail Investors and Momentum

(with Jun Du, Dashan Huang, Yu-Jane Liu, Avanidhar Subrahmanyam, and Huacheng Zhang)
We explore the link between momentum and investing clientele via an identification strategy for retail participation. We find that retail trades contribute to short-term reversals, and attenuate momentum arising from institutional underreaction to long-lived information. 

Do Investors Have Realization Preference? A Test Impacted from Financial Inattention

(with Yu-Jane Liu and Yuzheng Liu)
We find consistent evidence for realization preference when condition on investor-days when investor pay attention to their portfolios.

Demand-Based Opposing Styles as Constellations: A Machine Learning Approach 

(with Yu-Jane Liu)
There exist two competing investment ideologies—the conservative and aggressive investing —that underlie retail investors' dichotomous styles regarding stock characteristics. 

FOMC Announcements, Short Selling, and Anomalies

(with Xi Dong and Jinfei Sheng )
The returns on the long-short strategy based on anomalies reverse on the FOMC days because arbitrageurs requires higher returns on the short-leg stocks as they face more shorting risk subject to the FOMC news.