【金融高端论坛】 第一百一十期

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

主讲人: 杨立岩（多伦多大学罗特曼商学院 金融学讲席教授）

时 间：2020-12-01 10:30

地 点：腾讯会议

语 言：英文

腾讯会议 

会议ID： 717 530 571

讲座摘要：

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 counterparty 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.

Keywords: Information sharing, communication, sentiment, asset pricing

主讲人简介：

杨立岩是多伦多大学罗特曼商学院金融学讲席教授。于2010年获得康奈尔大学经济学博士学位。其主要研究领域为金融市场、资产定价和行为金融。杨教授同时担任以下期刊的副主编：Journal of Finance, Journal of Economic Theory, Management Science, Journal of Financial Markets和Journal of Dynamic and Economic Control。杨教授是Fellow of the Accounting and Economics Society以及Fellow of Luohan Academy。其学术成果发表在众多国际学术期刊，如 Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, Review of Financial Studies等。其学术研究获得众多科研奖项，例如2016 JFQA William F. Sharpe Award for Scholarship in Financial Research, the 2016 Bank of Canada’s Governor’s Award, 2015 Roger Martin Award for Excellence in Research等。

中国人民大学金融高端论坛组委会

汉青经济与金融高级研究院金融系

财政金融学院应用金融系

财政金融学院货币金融系

商学院财务与金融系

财政金融学院保险系