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2017/12月 18

财务与金融系2017双周论坛

财务与金融系2017双周论坛
开始时间:2017-12-18 12:00
活动地点:明德商学楼1007室
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状态: 已结束

主   题:Skill Acquisition and Information Sales(技能获取与信息销售

主讲人:黄诗杨

协调人:郑凌凌

语   言:中英文

讲座摘要:

We develop an information-sales model in which investors acquire costly skills to interpret the purchased data. Because both information and trading skills are limited resources, data providers and skilled investors share the gains generated from trading on the purchased information. Information quality is characterized by clarity and accuracy, both of which are controlled by the information seller. When the seller produces very precise information, she adds personalized noise to the sold data; when she produces imprecise information, she sells data “as is.” Our analysis shows that the asset management industry and the information industry tend to foster each other. Nonetheless, the development of both industries does not necessarily improve price in-formativeness. Finally, our analysis makes predictions about other important variables such as information accuracy and information prices. ​

本文建立了一个信息销售模型:其中,投资者有成本地获取技能用以解读其购买的数据。由于信息与交易技能都是有限的资源,通过购买信息并交易所获得的收益将在数据供应商和有技能的投资者之间分配。信息的质量由清晰度和精确度决定,并且这两方面都由信息供应商控制。当信息供应商生产出精确的信息时,它们将在信息中加入独特的噪音以降低信息清晰度再进行销售;而当信息供应商生产出不精确的信息时,它们则将这些信息原封不动地进行销售。本文的分析表明,尽管资管行业和信息供应行业会互相促进对方的发展,但是这两个行业的发展并不一定会提升资产价格的信息含量。本文的分析最终能够对诸如信息准确度和信息价格等重要的变量进行预测。

主讲人简介:

Dr. Shiyang HUANG received his Ph.D. degree in finance from the London School of Economics in 2015 and subsequently joined the University of Hong Kong. He also holds a master degree and a bachelor degree in economics from Tsinghua University. His research interest focuses on financial economics and empirical asset pricing. His work has been published in the Journal of Financial Economics. He won the best paper awards at Paris December Finance Meeting 2014, China International Conference in Finance 2015, China Academy of Management Annual Meeting 2017 and Annual Conference in Financial Economics Research by Eagle Labs 2017.