财务与金融系2019双周论坛

主 题：加密货币价格操纵研究

主讲人: 王宝链（佛罗里达大学）

协调人: 童庆

时 间：2019-06-12 10:00

地 点：明德商学楼1008室

语 言：中英文

讲座摘要：

Pump-and-dump schemes (P&Ds) are pervasive in the cryptocurrency market. We _nd that P&Ds lead to short-term bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak within minutes and quick reversals follow. The evidence we document, including price run-ups before P&Ds start, implies signi_cant wealth trans- fers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a di_erence-in-di_erences approach, we provide causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to participate and describe how our _ndings shed light on manipulation theories.

主讲人简介：

Baolian Wang is currently an assistant professor of finance at University of Florida. He worked at Fordham University from 2014 to 2018. He received his PhD from Hong Kong University of Science and Technology, and master and undergraduate degrees from Tsinghua University. His research areas are empirical asset pricing, behavioral finance, investor behavior, and corporate governance. Many of his studies use Chinese data. His papers have appeared at, among others, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Strategic Management Journal.