Title: Daily Price Limits and Heterogeneous Retail Investor Behavior: Evidence from the Chinese Market

Abstract: Based on A-share main board and ChiNext board transaction data and micro retail investor account data from 2014 to 2022, this study systematically analyzes the short-term and long-term impacts of the price limit system on stock returns and heterogeneous retail investor behavior, and explores the mechanism of the institutional reform of relaxing price limits on the ChiNext board. The core findings include:

    Short-term market      effect:      Price limit events will trigger significant abnormal returns (positive      abnormal returns for price limits up, negative abnormal returns for price      limits down), but both are accompanied by obvious reversal effects;

    Characteristics of      retail investor behavior: Retail investors show significant asymmetric      responses to price limit events, and the behaviors of different types of      retail investors have structural differences;

    Long-term      transmission impact:      Price limit events will have a sustained long-term impact on stock returns      through the investor behavior channel.

The study also discusses special scenarios of price limits and verifies the "partial effectiveness" of the price limit system as a basic market stability system from the perspective of market microstructure.

Speaker: Xiong Xiong, Distinguished Professor of the CJ Scholars Program of the Ministry of Education, Professor and Doctoral Supervisor of the College of Management and Economics, Tianjin University; currently serves as the Deputy Director of the college.

Research fields: Financial risk management, big data finance, computational experimental finance;

Academic achievements: Published more than 200 papers in domestic and foreign high-level journals such as Management World, Journal of Financial Research, and Journal of Corporate Finance; presided over 2 key projects of the National Natural Science Foundation of China, 1 project of the National Key R&D Program, and more than 10 other national-level projects; his research and teaching achievements have won 14 provincial and ministerial-level awards;

Academic positions: Serves as Executive Director/Vice Chairman of multiple academic organizations such as the Chinese Systems Engineering Society, and also serves as Director of the Editorial Department of Journal of Management Sciences and Editorial Board Member of many authoritative journals such as Chinese Journal of Management Science.

Date & time: 10 December 2025, 10:30

Venue: B321, Zhixin Building, Central Campus, Shandong University