经济学系列论坛

（2026年第8期，总第42期）

报告题目：Homemade foreign trading 本土投资者的“外资”交易

汇报人： 祝小全 副教授 对外经济贸易大学

时间： 2026.11.03星期二（16:00 – 17:30）

地点： A1148

报告摘要：

Using cross-border holding data from all custodians in China's Stock Connect, we provide evidence that Chinese mainland insiders evade see-through surveillance by round-tripping via the program. Following the 2018 Northbound Investor Identification reform, the return predictability of northbound flows decays, as does their correlation with insider trading. This reduction is especially pronounced among less prestigious foreign custodians and cross-operating mainland custodians, where insiders are more likely to hide. Furthermore, the reform erodes price informativeness, particularly in stocks with high exposure to homemade foreign investors. Our analysis highlights the role of regulatory cooperation in capital market integration.

报告人简介：

祝小全，对外经济贸易大学中国金融学院副教授，目前的主要研究方向为实证资产定价，包括跨境资金、机构投资者与中国债券市场等议题。她的研究发表于Management Science、AEA Papers and Proceedings、经济研究、经济学（季刊）、金融研究等期刊，主持国家自然科学基金青年项目和面上项目。