Summary
Paper Seminar No. 366, hosted by the School of Finance at Capital University of Economics and Business, was held from 12:30 to 13:30 on 26 October 2026 in Mingbian Building Room 204. Professor Ji George Wu from the School of Accountancy, Economics and Finance at Massey University in New Zealand was invited to give an academic presentation titled 'Elaboration Matters: Investor Opinions and Cross-Sectional Stock Returns', sharing research findings on investor opinions and stock return prediction. The seminar was chaired by Mr Zhang Hongming and was attended by several faculty members including Chen Ruifan from the School of Finance, as well as master's and doctoral students.
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Ji George Wu is a professor of finance and doctoral supervisor at Massey University, New Zealand. He is currently president-elect for New Zealand and a council member of the Accounting and Finance Association of Australia and New Zealand, a council member of the Asian Finance Association, and an associate editor of the International Review of Economics and Finance. His research interests include behavioural finance, financial market anomalies, empirical corporate finance, Chinese capital markets and climate finance.
He has published 48 academic journal articles, including one FT50 journal article and 39 other SSCI journal articles.
Commentary
Professor Wu's presentation at Capital University of Economics and Business focused on the predictive power of the degree of investor opinion elaboration for cross-sectional stock returns, research rooted in behavioural finance's long-standing exploration of market anomalies. Classic findings in this field, such as post-earnings-announcement drift and the analyst disagreement effect, all indicate that the market's digestion of information is not instantaneous or perfect. By introducing the dimension of 'opinion elaboration', Professor Wu may offer a new perspective for explaining pricing biases in retail-dominated markets such as China's A-shares.
Although New Zealand SME owners do not directly participate in the Chinese stock market, understanding such research helps grasp the efficiency characteristics of China's capital markets — if retail sentiment and information-processing biases are significant, China's consumption and investment decisions may exhibit stronger procyclical fluctuations, which in turn affect the order stability of New Zealand exports to China. At the same time, as president-elect of the Accounting and Finance Association of Australia and New Zealand, Professor Wu's academic network also provides a link for China-New Zealand financial research collaboration and talent exchange. For NZ SMEs focused on the Chinese market, such academic developments suggest that irrational fluctuations in China's financial markets may amplify real economy signals, and a larger risk buffer should be built into trade credit policies toward China.
Keywords: Massey University, Ji George Wu, School of Finance, Capital University of Economics and Business, paper seminar, investor opinions, stock returns, behavioural finance, academic presentation
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Source: Capital University of Economics and Business School of Finance
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