AFR Seminar

NO.136报告人:杨立岩(多伦多大学)

发布时间:2020-10-13 14:32:42 作者:万茜 来源:金融研究院 阅读:

主 题: Whoever Has Will Be Given More: Information Sharing in Financial Markets

主讲人:杨立岩 教授(多伦多大学

时 间: 2020年10月16日(周五)21:00-22:20

 点: 腾讯会议 (会议ID:537 495 229)


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内容提要:

This paper studies information sharing between strategic investors with private information of different precision about the asset fundamental. We find that a coarsely informed investor would always share her information “as is” if her coun- terparty investor is well informed about the fundamental. In this way, the coarsely informed investor invites the well informed investor to trade against her information, thereby offsetting her informed order flow and reducing the price impact. The coarsely informed investor gains from the information sharing but the well informed investor loses from it. Our model offers an explanation for why the masses of investors express investment opinions on social media and sheds new light on information networks in financial markets and institutional investors’ sentiment trading strategy.

演讲人简介:

杨立岩,加拿大多伦多大学罗特曼商学院金融学教授,Peter L. Mitchelson / SIT投资基金会投资策略主席,康奈尔大学博士,现任Journal of Finance, Journal of Economic TheoryJournal of Financial Markets, Management Science等杂志副主编,主要致力于不完全信息下的金融市场机制和资产定价的理论研究,在金融学和管理学国际顶级期刊发表了二十余篇论文。他的发表包括: Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Economic Theory, Management Science等。


  

主办:浙江大学金融研究院 

          浙江大学经济学院青年学者学术沙龙

协办:AFR金融科学与工程联合研究中心

                                                                          2020年10月13日