严弘
教育背景:
博士学位:加州大学伯克利分校金融学,1999
博士学位:密西根大学应用物理学,1991
硕士学位:密西根州立大学物理学,1988
学士学位:中国科学技术大学物理学,1985
研究领域: 资产定价(公司决策与股票报酬、股票与债券的信用风险与投资回报、市场流动性、金融衍生品与风险管理、投资组合决策、机器学习)、金融中介(共同基金、对冲基金、金融分析师)、新兴市场(尤其是中国的金融市场发展、外国/机构投资者在其中的作用、金融创新)、可持续金融(气候金融、碳交易市场、绿色金融、ESG)。
严弘 : Stock index futures can play an active role

8月3日,Global Times发布上海交通大学上海高级金融学院金融学教授严弘的观点报道。严弘教授指出,股指期货在中国上市之后,对股票市场的作用是非常积极的,在一定程度上降低了股市波动性,从而降低了系统性风险。

Mainland stocks gain ground as analysts maintain optimistic long-term outlook

Mainland stocks managed to inch up on Wednesday despite pressure from falling financial shares and a decline in the ChiNext Index, as analysts remained optimistic about equities in the long-run.

The benchmark Shanghai Composite Index added 0.24 percent to close at 2,978.46 points, while the Shenzhen Component Index finished the day 0.30 percent higher at 10,281.25 points.

The CSI 300 Index of the biggest companies traded in Shanghai and Shenzhen inched up 0.14 percent to 3,193.51 points.

The ChiNext Index, which tracks the country's NASDAQ-style board for growth enterprises, slipped 0.23 percent to 2,108.31 points.

A total of 381.9 billion yuan ($57.61 billion) in shares changed hands on the Shanghai and Shenzhen exchanges on Wednesday.

Stocks in most sectors rose on Wednesday, with stocks related to State-owned enterprises (SOEs) reform leading the winners, and bank, securities and insurance stocks leading the losers.

The China Financial Futures Exchange is planning to relax restrictions on stock index futures that sparked a 99 percent plunge in trading, Bloomberg reported on Wednesday, citing people familiar with the matter.

Stock index futures can play an active role in reducing volatility and systemic risk in the mainland stock markets, said Yan Hong, professor at the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University. Yan noted that investors can use index futures to hedge bets on stocks.

Yan also said that the stock index futures can help attract more professional institutional investors, who usually apply multiple investment strategies, which is helpful in price discovery.

Analyst from Jinbailin Investment Consulting said stocks came under pressure on Monday from a sell-off in overpriced small and mid caps. However, they also said that SOEs reform will bolster stocks and make it impossible for the benchmark index to collapse as long as the government maintains its push for reform.

【原文链接】Mainland stocks gain ground as analysts maintain optimistic long-term outlook