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【中央财经大学经济学院“龙马经济学双周学术论坛”】2018年秋季学期第八讲:杨​立岩

[发表时间]:2018-12-18 [浏览次数]:

讲座主题:Disclosure, Competition, andLearning from Asset Prices

主讲嘉宾:杨立岩(加拿大多伦多大学罗特曼商学院教授)

讲座时间:2018年12月21日(周五),下午14:00-15:30

讲座地点:沙河校区1号楼201

嘉宾简介:杨立岩,康奈尔大学经济学博士,现任多伦多大学罗特曼商学院金融学教授。

研究领域为金融市场、资产定价和行为金融。担任多个经济学、金融学、管理学顶级期刊杂志副主编,包括:Journal of Economic Theory,Journal ofFinance,Journal of Financial Markets,Management Science。他的学术成果发表在顶级国际学术期刊,如Journalof Economic Theory, Journal of Financial Economics, Journal of Finance和Review of Financial Studies等。

因其卓越的研究荣获诸多奖项,如2016年度JFQA William F. Sharpe Award、2016年加拿大银行州长奖、2015年RogerMartin奖等。  

内容摘要:This paper studiesinformation sharing in a duopoly product market in which firms learninformation from asset prices. By disclosing information, a firm incurs aproprietary cost of losing competitive advantage to its rival firm but benefitsfrom learning from a more informative asset market. Learning from asset pricescan dramatically change firms’disclosure behaviors: without learning fromprices, firms do not disclose at all; but with learning from prices, firms canfully disclose their information. Firms’disclosure decisions can exhibitstrategic complementarity, which leads to both a disclosure equilibrium and anondisclosure equilibrium.

本讲座获得2018年中央财经大学专题学术讲座项目资助。